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As college costs rise, families rack up more student loan debt [Video]

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Personal Branding

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Is it best to go to college or dive straight into the working world?

With college more expensive than ever and a new financial aid application that’s been problematic from the start, families are, understandably, having a hard time figuring out how to pay the tab.

As a new academic year gets underway, more students and their parents are turning to a familiar resource: student loans.

How families pay for college

Without financial aid, the price tag at some four-year colleges and universities — after factoring in tuition, fees, room and board, books, transportation, and other expenses — is now nearing $100,000 a year.

Typically, parent income and savings cover nearly half of college costs, free money from scholarships and grants accounts for more than 25% of the costs, and student loans make up most of the rest.

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