For uncountable families in the U.S., paying for college requires a complex combination of scholarships and grants, savings and loans.
As part of its annual
Home / NEWS / Top News / Americans spent an average of $26,226 on college last year—this graph shows how they paid
Provenance: “How America Pays For College 2019”, Sallie Mae | Ipsos
According to the report, 82% of college students net “free financial aid,” which includes scholarships and grants that do not need to be repaid. Scholarships and grants covered 31% of prices, about or $8,177, for families on average — making it the largest source of funding for students.
Three-quarters of families said they pick up financial aid directly from their student’s school. The average amount of college financial aid was $10,006, while the ordinary financial aid package provided by the government was $2,805.
Students and families covered the remaining costs through a combination of parental gains and savings ( 30% of costs), student borrowing (14% of costs), student income and savings (13% of costs), old man borrowing (10% of costs) and borrowing from friends and family (2% of costs).
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