Savings make up less than 38% of college spending.
By Deepak Chitnis
WASHINGTON, DC: American families are relying less on their own savings to send students to college, says a new report from Sallie Mae, the student-loan company, and broken down by the Pew Research Center, today.
In the 2012-13 academic year, parents’ and students’ own money together made up less than 38% of the average family’s college spending, says the report.
Here’s a quick look at the some of the numbers that were put out in the report:
$19,435 – the average annual cost of college tuition for 2008-2009 academic year.
36% — the percentage of college tuition that year that was paid for by parents’ income and savings
14% — the percentage of college tuition paid for by students in 2008-2009.
25% — the percentage of college tuition paid for by grants and scholarships in 2008-2009.
$24,097 – the average annual tuition cost for 2009-2010 year, a spike of $4,662
$21,178 – the average annual tuition cost for 2012-2013 school year. The average cost has been in the
$20,000-$21,000 range since 2010.
27% — the percentage of college tuition in 2012-2013 paid for by parents.
18% — the percentage of college tuition paid for by students in 2012-2013.
30% — the percentage of college tuition paid for by grants and scholarships in 2012-2013.
To contact the author, email to deepakchitnis@americanbazaaronline.com