The 2008 economic crisis changed the landscape of grants, aid and employer assistance available to American youth
- College education is worth the debt, says New York Fed study
- College scholarships look to offer more than money as funds dwindle
A recent study found that going to college is still worth it, with college graduates making about $1m more in their lifetime than high school graduates. The only problem with that is that many Americans can't afford to pay for college out of pocket and struggle to put together a patchwork of funds - from tuition discounts to private grants to federal grants - to cover their annual expenses.
As a result, increasing number of US students are relying on student loans in order to obtain their degree. Currently, only three out of every 10 college graduates leave school without debt. Debt at graduation increased an average of 6% each year from 2008 to 2012. In 2012, graduates walked away with average debt of $29,400. Yet student loans are only the finishing touch on the patchwork that represents how Americans pay for college, filling in the gaps where other funding proves not to be enough.
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