Parents cut college spending

Parents cut college spending

Families have pulled back on college spending in the past year due to rising higher education costs, according to a new study by Sallie Mae.

They show that the average amount spent on college by families responding to the survey declined by 5 percent in the 2011-12 school year. More parents and students alike said they make their college decisions based on the cost they can afford to pay than in the previous four studies.

"This really reflects the economic conditions that we see today," said Sarah Ducich, senior vice president at Sallie Mae. "We are seeing families make adjustments, saving more money and being more cost-conscious."

Read more at The Statesman Journal.

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