How America Pays for College 2024
Sallie Mae's national study of college students and parents
Conducted by Ipsos
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College spending remains consistent
Families reported spending an average of $28,409 on college in academic year 2023-24, a 1% increase from $28,026 in 2022-23.
Misconceptions around scholarship eligibility and availability prevent families from applying
Aside from awareness, many who don’t apply for scholarships believe they won’t win, or it takes too much effort.
of families think that scholarships are only available for students with exceptional grades or abilities.
of families who did not apply were unaware of available scholarships.
of families who did not apply did not think they would win.
Free tools and resources like Scholly Scholarships® help families sort through hundreds of scholarships with no registration required.
Many families were negatively affected by the new FAFSA®
About 3 in 4 families (74%) reported completing the Free Application for Federal Student Aid (FAFSA®) for the 2023-2024 academic year but of those who also completed the new FAFSA® for the 2024-2025 academic year, just 29% found it easier to complete.
Nearly half (47%) of families who submitted the FAFSA® for AY 2024-25 have experienced a delay in receiving their financial aid offer.
HBCUs: Grants and scholarships cover the largest share of college costs
Students attending HBCUs reported spending an average of $28,545 in academic year 2023-24, consistent with the overall average of $28,409.
88% of HBCU students relied on grants and scholarships vs. 80% overall, and reported average amounts 51% higher than families at large ($14,217 vs. $9,427).
One in four students used AI tools in their college application and selection process
Three in 10 families (29%) who used AI utilized it to research financial aid or scholarship options.
Having a plan to pay for college is at an all-time high
Nearly 6 in 10 families (59%) report having created a plan to pay for all years of college before the student enrolled.
Check out the many resources and tools Sallie Mae offers to help you plan for college.
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How America Pays for College 2024 reports the results of online interviews Ipsos conducted in English reflects the results of an online survey, conducted in English, between April 8, 2024 and May 14, 2024, with 1,000 parents of undergraduate students, and 1,000 undergraduate students ages 18 to 24, including 349 undergraduate students, ages 18 to 24, who are attending a Historically Black College or University. Data and years shown reflect the academic year 2023-2024.
FAFSA® is a registered service mark of U.S. Department of Education, Federal Student Aid