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Going to college is more expensive than ever. According to the Education Data Initiative, a 4-year, full-time undergraduate degree averages $38,270. Students attending private institutions will pay more, while those attending in-state public schools tend to pay less.
Regardless of where you go to school, not every student has the cash to pay for the costs. While federal student loans offer loans for dependent students — or younger students who rely on their parents for financial support — that might not be enough for every college attendee. A 2023 Sallie Mae study found that the average family spent more than $28,000 on their child attending college in the 2022-2023 school year.
The same study found that the typical family…
