WASHINGTON, D.C. -- Despite college costs that have consistently outpaced inflation, the majority of students find higher education accessible, according to a study by Sallie Mae, the largest source of college funds in this country.

The survey was conducted among more than 5,000 current students or recent graduates who have entered professions, members of a larger panel of 18,000 who have agreed to provide Sallie Mae with ongoing information. All of the panelists are recipients of federally guaranteed loans. It should be pointed out that students, not families, were surveyed and that the summary report does not disaggregate findings by family income or race.

Considering the success of students in financing their college educations, it is even more a surprise that 80 percent report they and their families did not begin to think about how to pay for college until the students were in high school. Most pull or pulled from a variety of sourcesccloans, families, personal income and credit cards. Most reported they are able to get the money they will need to finish college.

However, about half of the students said their choice of what college to attend was affected by cost. This was more true for students who attended public rather than private high schools. Location was the most important factor in the choice made by those attending public colleges, and was the second most important factor for those who selected private colleges (academic reputation came in first for this group, but ranked third for those in public colleges).

Three-fourths of those who borrowed money for college believe they are getting their money's worth. They are optimistic about the future, anticipating they will be able to find jobs in the $20,000-$40,000 range. They said they would save money once employed primarily to purchase a house, have cash for an emergency, or buy a car. A large majority also said they would have a college savings plan for their children.

("Campus Perspectives 1997: College Student Education and Finance Study," Sallie Mae, 1050 Thomas Jefferson St., NW, Washington, DC 20007; www.salliemae.com)