No gap year after all — students opt to stay in school, lender Sallie Mae finds investinyou (In partnership with acorns.)
, most students remain committed to their higher-education plans, said Martha Holler, a senior vice president at the education lender.
"They are determined to make this investment in their future because they know that it pays off,' she said. "And they're willing to do that even if their courses are going to be online."Arrows pointing outwards On average, families spent roughly $30,00 on school over the last year, a 14% jump from the year before. Most of that came from parents' own income and savings.
In addition to what they spent out of pocket, families covered about a quarter of the bill by tapping scholarships and grants — money that does not have to be repaid – and an additional 25% by borrowing, or taking out loans, the education lender said. Since the survey was conducted in the spring, millions of Americans have experienced a financial shock due to the coronavirus crisis, such as a job loss or furlough. Even many who remain employed are working
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