NEW YORK (MainStreet) — College students generally accept that they are going to have to pay off their student loans after graduation, but a new survey shows that the nation’s youth know that they are going to have to pay for their higher education before they even start it.
According the College Savings Foundation, 72 % of the high school students surveyed think it’s their responsibility to help fund their college education, and 65% are planning to use their own funds to pay for college.
Moreover, the amount that they anticipate contributing is on the rise. A majority – 58% – of those surveyed said they will cover more than one-quarter of their college costs, compared to 52% last year, and 18% will contribute more than half of their college costs – up from 12% last year.
How do these high schoolers plan on paying their tuition bills?
“Today’s high school students are tackling the escalating costs of college by saving and becoming more educated about their costs and choices,” CSF Chairman Roger Michaud said in a press release.
While many are still looking to supplement their own funds with student loans (81% expect to receive financial aid versus 85% last year), an increasing number of students are entering the workforce. More than half (52%) who need to save for college got jobs while still in high school to help pay for college, up from 48% last year.
Additionally, perhaps in an effort to maximize their savings, twice as many high school savers are using 529 college savings plans than last year (16% versus 8%) in lieu of a basic savings account.