As a follow up to a posting last week on how Hispanics pay for college, Sallie Mae partnered with Gallup to find out how America saves for college. The comprenhensive report can be found here and is a follow up to a 2008 study on the same topic. Hispanic related highlights are below.
- While both African-Americans and Hispanics borrow more than the national average, African-Americans receive more grants and scholarships while choosing more expensive schools, and Hispanics receive less grants and scholarships while choosing less expensive institutions.
- Hispanics were more likely than Whites or African-Americans to eliminate schools based on cost in the early stages of the college application process, both before researching schools and before deciding where to apply. African-American and Hispanic families were more likely than White families to eliminate colleges based on cost after admission and after finding out the financial aid package.
- Hispanic students were most likely (62%) to live at home, higher than either African-Americans (50%) or White students (49%).
- White families (20%) were more likely than Hispanic families (13%) to feel the student should take responsibility for college costs…
- Roughly equal proportions of Hispanic (18%) and African-American (16%) respondents Strongly Agreed that college wasn’t affordable for their family.