Sallie Mae Report Documents What Families Don’t Know on Paying for College

A new report from Sallie Mae and Ipsos documents what families don’t know about paying for college. Among the results:

• While nearly three-quarters of families (74 percent) have started thinking about how they will cover the cost of higher education by the time their child is a high school junior, fewer than half of college-bound families (44 percent) are very or somewhat familiar with the Free Application for Federal Student Aid. Only 62 percent of families plan to complete the FAFSA, with 29 percent feeling it’s a waste of time if the family makes too much money.
• Nearly half of families (45 percent) believe scholarships are only available for students with exceptional grades or abilities.
• While about half of families (54 percent) are familiar with financial aid offers from colleges and universities, 37 percent of them don’t know what information is included in these offers.