So your kid wants to attend a fancy college? Fine. Hope she enjoys living at home.
With college tuition soaring, even upper-class families are struggling to pay the bills, Reuters reports. As a result, more students are bunking with Mom and Dad to save on costs.
Families are borrowing more to send their kids to college, a Sallie Mae survey has found. And 47 percent of students with parents who earn more than $100,000 a year are living at home, according to the news service. That’s up from 37 percent in 2011 and from 24 percent in 2010.
Families with an annual income of $35,000 to $100,000 have an even higher rate of kids commuting from home: 53 percent, Reuters adds.
It may cramp their toga-party style, but at a saving of about $6,000 a year, we’re happy to set up a beer-pong table in the basement.
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