09 Aug How America Pays for College 2017

Submitted by Kristin Hawley-Johnson, Director of Business Development, Sallie Mae

How America Pays for College 2017  is a national study by Sallie Mae® and Ipsos. It looks at undergraduate families’ attitudes toward college, how much they spent, and the sources they used to pay for it. Here are a few findings from this year’s study:

Students and parents are sharing the responsibility of paying for college equally

Using a combination of borrowing, income, and savings, each contribute about one-third of the total amount needed.

Scholarships and grants cover 35% of college costs

That’s the largest share in a decade. Nearly half (49%) of families use scholarships. Of those families, 87% get scholarships from the college.

Student borrowing covers more college costs, compared to last year

Student borrowing covers 19% of college costs, compared to 13% in 2015-16.

 Many families don’t have a plan to pay for college

Almost all (98%) families see college as an investment in their child’s future, but fewer than half have a plan to pay for it.

How America Pays for College 2017 also looks at how families’ college spending and attitudes vary by geographic region, how attitudes of first-in-family college students compare to second-generation college students, and more.

Learn more about how America pays for college

View the full report and related infographic at How America Pays for College and join the conversation on social media using #HowAmericaPays.