Saturday, October 27, 2018
That’s according to Sallie Mae:
Family income and savings covered nearly half (47 percent) of all college expenses last year, according to “How America Pays for College 2018,” the national study from Sallie Mae — the nation’s saving, planning, and paying for college company — and Ipsos, an independent global market research company. The annual research report examines how families pay for college, how much they spent, and how they made their funding decisions. The average amount spent on college in 2017-18 was $26,458.
Three quarters of college funds came from sources other than student loans. Nearly half of college costs, 47 percent, were paid out of pocket with parents’ and students’ income and savings. Scholarships and grants paid 28 percent of college costs, and loans covered 24 percent of college costs. Extended family and friends paid an additional 2 percent of college costs.
Of course, our students also pay the expense of law school.
You can read more here.