How Families Paid for College this Year

Every fall, Sallie Mae, the student loan server, releases a survey about the previous school year. For the average family, 30% of college money comes from grants and scholarships. These aren’t loans and don’t need to be repaid.

The next biggest portion spent is parental income and savings (27%) , followed by student loans (18%), student income and savings (11%), parent loans (9%), and finally relatives and friends (5%). The typically family spent (grab your wallet) $21,178 on college.

Two things to consider when putting aside a college fund: 529 College Saving Plans and private student loans.

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