According to the latest annual "How America Pays for College" report, from Sallie Mae, here’s how a typical family financed a college education in 2016-2017:
- Scholarships & grants: 35%
- Parent income & savings: 23%
- Student loans: 19%
- Student income & savings: loans: 11%
- Parent loans: 8%
- Relatives & friends: 4%
There was little change in these breakdowns from last year – just a 1 percentage point difference up or down in all categories except for parent income and savings, which fell by six percentage points, and student loans, which rose by six percentage points.
Forty-two percent of families surveyed borrowed money to help pay for college this year, according to the report. The typical loan amount was just over $9,600 for students and almost $3,900 for parents.
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