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Find out how families paid for college and their perceptions about the value of higher education
How America Pays for College 2022
Sallie Mae’s national study of college students and parents
Conducted by Ipsos
Join the discussion at #HowAmericaPays
Families paid slightly less for college last year, and covered the majority of costs out of pocket
Families spent an average of $25,313 for academic year 2021-22, down 4% from $26,373 in 2020-21
of families used income and savings to cover college costs
of families used scholarships and grants
of families used borrowed funds, including student loans
Share of college costs paid by each funding source
Paying for college tip
75% of families were unaware the FAFSA® (Free Application for Federal Student Aid) opens on October 1, potentially leaving thousands in first-come, first-served free money for college on the table
70% of families completed the FAFSA® for academic year 2021-2022
FAFSA® is the gateway for families to access more than $112 billion in grants, scholarships, and federal financial aid for higher education. States and colleges rely on information from the FAFSA® to determine need-based aid.
FAFSA® completion rates have stabilized after a four-year decline
Reasons for not completing the FAFSA®
of families who didn’t file the FAFSA®
believed their income was too high
to qualify for any financial aid
had problems with the application
or thought it was too complicated
Students and their parents (88%) continue to believe college is an important investment and creates more opportunities
Most families (78%) are willing to stretch themselves financially to help the student experience those opportunities
Paying for college tip
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Most families want at least some in-person classes
While 75% of online learners rated their experience as good or excellent, the majority of families (78%) still prefer to have an in-person learning component
prefer in-person only learning
prefer hybrid learning, with some classes in-person and some online
Additional resources
How America Pays for College 2022 research report
How America Pays for College 2022 infographic
How America Pays for College 2022 news release
Join the conversation with #HowAmericaPays
How America Pays for College 2022 reports the results of online interviews Ipsos conducted in English between April 5, 2022 and May 4, 2022, with 953 parents of undergraduate students and 952 undergraduate students between the ages of 18 and 24. Data and years shown reflect the academic year July 1, 2021-June 30, 2022
FAFSA® is a registered service mark of U.S. Department of Education, Federal Student Aid