Sallie Mae's "How America Pays for College 2009" study (PDF 2.16MB), conducted by Gallup, finds American families are making the investment in higher education the smart way – by pursuing grants and scholarships more frequently than borrowing. Based on a nationally representative survey of college-going students and parents of undergraduates, the study found that:
- 58 percent of families invested in higher education last year without borrowing
- 67 percent are confident in their ability to continue to meet cost of college in current economy
- 51 percent received grants and scholarships
- 25 percent of students borrowed federal loans
- 12 percent of students borrowed private education loans
- 5 percent used credit cards to pay for college expenses
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How the average family pays for college
Average percentage of total cost of attendance paid for each source:
Released in August 2009, the study confirmed that families deeply value higher education, with 91 percent agreeing that continuing education leads to a better quality of life.
"How America Pays for College 2009" study (PDF 2.16MB) is the second annual study of college students and parents. Last year's full report is available here (PDF 3.0MB).