Getting ready to pay for college? Did you know 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.
Those are just a couple of insights from the recently released study, How America Pays for
College 2017. The study reflects the results of interviews with 800 undergraduate students,
ages 18 – 24, and 800 parents of 18 – 24-year-old undergraduate students. Here’s what else the study shows:
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.
Student borrowing covers more college costs. compared to last year
Student borrowing covers 19% of college costs, compared to 13% in 2015-16.
Students expect to step up
Of students with loans, 84% expect to be solely responsible for repaying them. What’s more,
21% of students feel solely responsible for repaying a loan taken out by their parent.
Almost all families (98%) are taking one or more actions to make college more affordable
This includes 55% of students working year-round, 30% of parents increasing their work hours, 29% of families making loan payments while the student is still in school, and more.
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 and make your plan to pay for college
View the full report and related infographic at SallieMae.com/HowAmericaPaysForCollege and join the conversation on social media using #HowAmericaPays.
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Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and paying for college company. Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Please note that Smart College Visit was compensated by Sallie Mae for the content in this post.