While there may still be a significant need for financing options when attempting to complete a college degree, a number of Americans seem to be frustrated by their options.
Overall student debt rose 63 percent from the beginning of 2009 to the end of 2013, according to a report from Mintel. This occurred despite overall consumer debt dropping by nearly 10 percent during that period.
Just one-fifth of Americans felt that taking out student loans were a good investment, notably down from 2012's figure of 54 percent, the report showed.
"College is clearly taking a huge bite out of everyone's budgets, as the average tuition cost at both private and public institutions continues to soar. As a result of these developments, many young people are exploring alternative means of getting where they want to go," says Robyn Kaiserman, financial services analyst at Mintel. "Some are taking a break from college, perhaps to travel or perform community service volunteer work. Some are taking on unpaid internships after they graduate, and some are skipping college altogether in favor of trade schools. This may not bode well for private institutions, as they are significantly more expensive than public institutions, with generally more out-of-pocket investment required."
Half of those surveyed noted that they pay less than $300 per month for their college loan expenses, the report explained. Another 30 percent paid more than $300 each month, and 5 percent pay at least $1,000 per month. This was a notable change from two years ago, when nearly 80 percent of those asked said that their payments were less than $300 each month, while 21 percent were paying more than $300.
Parents attempt to save for college
With higher education expenses being quite costly, many adults are trying to help out their children when trying to afford college. According to a report from Sallie Mae, more than half of parents are trying to save for their child's college education.
The percentage of parents who aimed to save money for their children did not change year-over-year, but the amount they would try to save did. The report added that this level rose to $3,398, nearly 30 percent higher than during the previous year.
Approximately 10 percent of the average parent's savings is set for their child to go to college, the report added.