Why Students Are Rejecting the ‘Top’ Colleges

While tuition, room and board have always been considerations in deciding which college to attend, the exponential rise in costs is preventing a slew of talented people from attending America’s top universities.

A study released this week by Sallie Mae found that 67 percent of families eliminated colleges based on cost, up from 56 percent of students in 2009. Of those surveyed, 40 percent said they dismissed schools based on cost before they had even researched the school. Families spent an average of $21,178 on college, about the same amount they spent the previous year.

The growing influence of college cost on selection reflects a still-sputtering economy, as wages have remained stagnant. Given concerns over their own job security and retirement costs, parents are shouldering less of the tuition burden, and students are increasingly aware that borrowing too much to pay for school could hamper their economic growth for years after graduation.

The Sallie Mae report finds that student borrowing covered 18 percent of the total cost of college, up from 14 percent prior to the recession, while parent borrowing has remained at a steady 9 percent. Almost a third of students borrowed money for college this year, compared to just 12 percent of parents. Scholarships and grants comprised 30 percent of costs, up from 25 percent four years ago.
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