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Many families don’t borrow for college, report shows

Source: Posted By: Faye C...3590 days ago

Despite the rough economy, 58 percent of families with college students paid the tab without borrowing last year, according to a study released Thursday.

The Sallie Mae and Gallup report — “How America Pays for College” — found that the 42 percent of families who borrowed spent, on average, 30 percent more on education than those who did not.

That finding suggests that “many (families) appeared to use borrowed funds to reach for a desired school of their choice.”

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