Sara Murray at the WSJ writes that middle- and upper-class families opted for cheaper schools and more financial aid .
Sallie Mae study (showed) that middle- and upper-class families that were vigilant in pursuing financial aid and choosing cheaper colleges during a weak economic recovery.
“Notably, high-income families pulled back from their 2010 levels of spending, with a sharp decline in how much parents pay from income and savings, Middle-income families utilized the substantially increased availability of grants and scholarships, and simultaneously reduced their contributions towards the cost of college from parent income and savings.”
The proportion of families using grants rose to 46% in 2011 from 30% in 2010. Among those families earning $100,000 or more, the share using grants more than doubled to 26% from 12% a year earlier. The share of low-income households (earning less than $35,000) using grants was mostly flat.
Some 51% of parents said they would rather borrow to pay for college than not send their children, down from 59% who said the same a year ago.