Many young people today are making different choices to ensure they can afford college — 28% are only considering in-state schools, 22% plan to live at home during college and 10% are weighing a two-year degree versus a four-year degree.
These options may help them take on less student debt. This year's high school graduates may have an average ofaccording to a NerdWallet report analyzing data from the National Center for Education statistics. "The rule of thumb is to take out no more than what your first-year salary is going to be," said Hager.The survey also found that 41% of students said they didn't have any financial literacy classes in high school.
This may factor into the financial stress that teens feel when preparing for their futures. Nearly 40% said that having a better understanding of how student loans work would help ease their concerns. In addition, 38% said they'd like to know more about how education ties to a future job and what lower-cost alternatives are available to them, the survey found.