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Figuring out how to pay for college can be a challenge. You know other families accomplish it, but how?
That’s the question asked — and answered — in the annual study, How America Pays for College. For eight years, Sallie Mae® and Ipsos have interviewed undergraduate students and parents of undergraduate students to uncover how they’re funding higher education, the choices they’re making, the value they place on education, and more. The 2015 study reveals that:
- College spending is up. Families spent an average of $24,164 on college — including tuition, room and board, and other direct and indirect expenses. That’s 16 percent more than last year and the most significant increase in five years.
- Mom and Dad are #1. Parent income and savings were the top source of funding, surpassing scholarships and grants for the first time since 2010.
- Not everyone borrows. Sixty-two percent of families reported they did not borrow for college in academic year 2014-15.
- Students are doing their part. Working students are now the norm — 74 percent of students worked at some point to help cover costs.
According to How America Pays for College 2015, families overwhelmingly agree college is a worthwhile investment and they’re willing to stretch financially to meet the cost.
See the full report and related infographic at SallieMae.com/HowAmericaPaysForCollege and join the conversation on social media at #HowAmericaPays.
