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Report on How Families Pay for College

October 22, 2018
 
 

Families spent an average of $26,458 on an undergraduate education during the most recently completed academic year, according the latest results of a survey Sallie Mae, the large student lender, has conducted since 2008.

Parents and students covered nearly half of that amount (47 percent), the survey found, with parents chipping in almost three times more than students. Scholarships and grants paid for 28 percent of the total. Most of the rest of the price of going to college was paid for through loans, with parents borrowing to pay for 10 percent of the price and student loans covering 10 percent. Overall, 53 percent of families borrowed to help pay for an undergraduate college education.

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