DAYTON — Ohio families are spending a significant portion of their income on college education, ranking 10th in the nation, according to a recent survey.
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A report from WalletHub reveals that Ohio families spend 57 percent of their yearly income on college, which amounts to more than $39,000. The high cost of education can lead to substantial debt and financial stress for many families.
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Sarah Short, a Community Development Specialist at Wright-Patt Credit Union, suggests considering trade schools or community colleges as cost-effective alternatives to traditional four-year universities.
“Or if you really want to have that traditional feel, a community college for two years and then you transferring for the other two,” she suggested.
Short emphasizes the importance of exploring scholarships, grants, and work-study programs to help offset college costs. She advises students and families to carefully consider their options and revisit loan agreements to find the best deals available.
“If it’s a possibility, there are some that you can consolidate, take all those multiple payments, narrow it down to one or two,” she said. “But the biggest thing is that budget and then seeing what options are out there for you to kind of narrow down on that.”
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