How America Pays for College 2018
By Sallie Mae® and Ipsos
In 2017 – 18, families spent an average of $26,458 on college; income and savings covered nearly half of college expenses
47%
of costs were covered by family income & savings
28%
of costs were covered by scholarships and grants
24%
of costs were covered by borrowing
Read about the paying-for-college combo families rely on
Family income & savings
Both parents and students are invested in contributing their own money to pay for college
Parent income & savings: 34%
Parents pay one-third of college costs out-of-pocket, for an average of $8,891.
Student income & savings: 13%
Students contribute an average of $3,339 of their own money to pay for school.
College planning tip
Scholarships are a valuable part of the paying-for-college mix. Students should look for all the “free money” they can.
Search for scholarships
FAFSA—the gateway to more than $150 billion in federal aid
Three quarters of families (75%) complete the Free Application for Federal Student Aid (FAFSA)
Nearly one-third of families are taking advantage of the earlier October 1 FAFSA starting date
About one-quarter filed early to increase their chances of getting aid on a first-come, first-served basis (27%).
More than one-fifth wanted to get the filing over with and reduce their stress level (28%).
More than one in 10 knew they needed financial aid to go to college and wanted to get their application in ASAP (13%).
Just over 10 percent felt that knowing their aid amount earlier would give them more time to adjust their plan to pay for college (11%).
College planning tip
Filing a FAFSA is the single most important thing a student can do to get money for college—there’s more than $150 billion in grants, work-study, and federal student loans.
Learn about filing a FAFSA
25% of families didn’t complete the FAFSA
Families claimed they “knew” they wouldn’t qualify for financial aid.
Families didn’t know about the FAFSA or they missed the deadline.
Families encountered glitches, didn’t have info, felt it was too complicated, or didn’t make the time to submit the FAFSA.
Read about families and the FAFSA—filing, finances, and fears