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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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