Families are spending more on college, but parents are less concerned about that investment paying off, according to the results of a new survey from Sallie Mae, the student lender.
The study is based on phone interviews with 800 traditional-aged undergraduates and 800 parents of traditional-aged students. It is the eight installment of the survey. Results show that spending on college was up across the board this year, but that a 25 percent increase by high-income families was responsible for the bulk of the increase. Parents' out-of-pocket spending exceeded scholarships and grants for the first time since 2010.
However, fewer parents reported being "extremely worried" that their college-student children won't find a job after college -- 13 percent said this in 2015 compared to 27 percent the previous year. In addition, fewer parents were worried about student loan interest rates. Overall, six of 10 families did not borrow money to pay for college.