Financing a college education is a major concern for most high school seniors as they prepare for graduation, according to a study by Fidelity Investments titled "College Bound and Cost Conscious: A Survey of High School Seniors."

Nearly 70% of seniors said they feel overwhelmed by the high cost of college, with the average cost of four years of college at public or private schools reaching nearly $125,000. Costs are increasing by 5.4% annually, Fidelity said.

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