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College-Bound Students Saving and Sacrificing More

WASHINGTON -- College-bound students are taking their future into their own hands by saving and sacrificing more, making economical college choices, and becoming more knowledgeable about the costs of borrowing. These are key findings of a survey of 16- and 17-year olds headed for higher education, the second annual How Youth Plan to Fund College issued by the College Savings Foundation, a leading nonprofit that helps American families save for their children's college education.

Seventy two percent of the high school students surveyed think it's their responsibility to help fund their college education, and 65 percent are planning to use their own funds to pay for college. This year students expect to contribute more of their own funds.

A key finding was that more students plan to seek affordable four-year schools. Over half are looking at public colleges while 16 percent are considering private universities, and 19 percent are looking at community colleges.

"Today's high school students are tackling the escalating costs of college by saving and becoming more educated about their costs and choices," said CSF Chairman Roger Michaud.

To meet the costs of college, students are supplementing their own funds with financial aid and student loans. Forty-seven percent definitely expect to receive financial aid, with an additional 34 percent possibly expecting it.

The 2011 CSF How Youth Plan to Fund College survey was conducted by Zoomerang of over 500 16- and 17-year old high school students across the country, with parental permission.

Source: College Savings Foundation

Published February 9, 2011

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