Survey finds that for the first time since 2010, parent income and savings are the No. 1 source of funding for paying for colleges
An improving economy means more parents are willing to dip into their bank accounts to pay for their children’s college education, a new survey found.
The same survey — How America Pays for College 2015, published by SallieMae and Ipsos — found that, for the first time since 2010, parent income and savings are the No. 1 source of funding for paying for colleges. That took over the top spot from scholarships and grants.
Here are some findings of the study, which was released in July:
√ The average amount being spent from a family’s income and savings was $10,365 per year. That’s up 17 percent from 2014.
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√ The total amount being spent on college was $24,164 annually. That’s up 16 percent from 2014.
√ Eighty-eight percent of families are willing to stretch financially to afford college.
√ Thirty-two percent of the cost of going to college is being covered by family and relative savings. Scholarships and grants is the next chunk, at 30 percent.
√ Only 13 percent of parents are extremely worried that their student won’t find a job after graduation, down from 27 percent last year.
√ Nineteen percent of parents are extremely worried student loan rates will increase. That’s down from 27 percent last year.