Here’s what the research showed:
Families spent an average of $30,017 on college in academic year 2019-20. Parents covered 44% of costs, or $13,072, using income and savings. More parents used income this year to help pay (70% in 2019-20 vs. 55% in 2018-19), and significantly more used a dedicated college savings account like a 529 plan (37% in 2019-20 vs. 21% in 2018-19).
Slightly more than half of families (52%) have a plan to pay for all years of college, up from 44% in 2018-19 and the highest percentage in the history of the study.
Nine in ten families (91%) agree college is an investment in the student’s future, and 80% believe attending college is part of the American Dream, up from 74% in 2018-19.
Here’s a look at some other interesting findings:
Learn more about how families value, choose, and pay for higher education, and how COVID-19 may have effected their education, by visiting www.salliemae.com/howamericapays/.