Posted by: Gregory Linton | 08/15/2019

Sallie Mae releases annual report on “How America Pays for College”

Screenshot_2019-08-15 How America Pays for College 2019 Study - HowAmericaPaysforCollege2019 pdfLast week, Sallie Mae released its annual report titled How America Pays for College. Conducted by Ipsos, the report summarizes the results of 2,000 online interviews of 1,000 parents of 18- to 24-year-old undergraduate students and 1,000 18- to 24-year-old undergraduate students. The list below distills some of the key findings reported in the press release, infographic, and full report.

  • 92% of parents believe education is an investment in their student’s future.
  • 71% of families say the price they are paying is fair for the education received.
  • 80% of families feel confident about how they are paying for college.
  • 44% of families have a plan to pay for all years of college.
  • In 2018-19, families spent an average of $26,226 on college.
  • College costs were covered by the following means on average: 43% by family income and savings; 33% by scholarships, grants, and gifts; and 24% by borrowing.
  • 38% of families reported the student borrowed money, and 21% reported a parent borrowed.
  • 27% of those who used federal student loans expect them to be forgiven.
  • On average, students apply to four schools and are accepted at three.
  • Cost is listed most frequently (by 77%) as a top consideration when choosing a college to attend.

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