Sallie Mae and Gallup describe how Americans pay for college
"How America Pays for College" describes the findings from Sallie Mae's national study of college students and parents, conducted by Gallup.
The study shows that parents, on average, contributed the largest share of paying for college, through current income and savings (32% of the total amount paid) and borrowing (16% of the total). The average student covered 33% of the cost, through borrowing (23%) and their own income and savings (10%).
Only 6% of payments came from parents' college savings plans, such as 529 plans, with 9% of families reporting utilizing such savings plans.
Return to 529 News centerThe study shows that parents, on average, contributed the largest share of paying for college, through current income and savings (32% of the total amount paid) and borrowing (16% of the total). The average student covered 33% of the cost, through borrowing (23%) and their own income and savings (10%).
Only 6% of payments came from parents' college savings plans, such as 529 plans, with 9% of families reporting utilizing such savings plans.