July 19, 2012
NORTH TEXAS (CBSDFW.COM) – The responsibility of paying for college is shifting; it’s falling more now on students and their families, as state funding declines.
Students unable to pick up the bigger burden are making life-changing decisions.
“Particularly in terms of the family’s contribution… it’s discouraging large numbers of young people from even applying to college,” Southern Methodist University (SMU) Economist Bernard Weinstein explained.
The survey conducted by Sallie Mae shows higher borrowing and out-of-pocket expenses for students.
“This is particularly true at public universities where the state contribution to the cost of education has fallen dramatically and that’s certainly true in the state of Texas,” Weinstein said.
There are a number of college savings programs available but Weinstein says there aren’t a lot of people taking advantage of them and the result is clear.
“We’re seeing a significant burden on both the students and their family. What’s more students have been taking out loans at a record clip.”...