Survey finds that for the first time since 2010, parent income and savings are the No. 1 source of funding for paying for colleges

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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.

For the complete report, visit
SallieMae.com/plan-for-college/
how-america-pays-for-college.