The national study by Sallie Mae, How America Pays for College 2013, is a compelling look at how today’s families view higher education, manage higher education costs, and tap a variety of funding sources. This year’s study finds that families are adjusting to a new post-recession reality to pay for college.
- Higher scholarships and grants. “Free money” now pays for 30% of college costs, up from 25% four years ago.
- Reduced parent contributions. Parents now fund from income and savings 27% of college expenses, down from 2010’s peak funding of 36%.
- Unwavering belief in the value of college. 85% of parents strongly agreed that college was an investment in their child’s future, the highest in the last five years.
- New cost-consciousness. A higher number of families factor college costs into the choice of school.