Families reportedly spent an average of $30,837 for college last year.
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Families are spending about 9 percent more on college compared to last year, according to a recently released survey from Sallie Mae and Ipsos.
The results of the survey, released earlier this week, are part of the annual “How America Pays for College” report. Ipsos surveyed about 1,000 undergraduate students and the same number of parents of undergrads from April 8 to May 8. The online survey delved into a range of topics from how they were paying for college to their views on the federal student loan program.
On average, families spent $30,837 on college, which is similar to pre-pandemic spending—in the 2019–20 academic year, families spent $30,017 on average. In line with previous years, families are typically using their own money to pay for college, with income and savings adding up to 48 percent of the pie, and scholarships and grants accounted for a 27 percent slice.
But 40 percent of the families surveyed didn’t seek scholarships to help pay for college because they either didn’t know about the available opportunities or didn’t think they could win one. About three-quarters of respondents who received a scholarship credited that aid with making college possible.
Similar to other recent surveys, while a majority of families see college as worth the money, cost is still a key factor. About 79 percent reported that they eliminated at least one institution based on the price tag. Still, about 47 percent of respondents said they ended up paying less than the sticker price. That number is higher for families with students at private four-year universities. About 54 percent said they paid less compared to 45 percent of respondents at public four-year institutions.
