Families Reach into Pockets to Cover More than 40 Percent of College Costs; Borrowing at Lowest Level in Five Years
Study Shows 30 Percent of Students Are the First in Their Family to Attend College, Explores Motivations and Values of Families Paying for College
NEWARK, Del.--(BUSINESS WIRE)--Ninety-eight percent of families agree that college is a worthwhile investment, but the way they covered the bill last year changed, according to “How America Pays for College 2014,” a new national study from Sallie Mae and Ipsos. The annual study, now in its seventh year, found that while the average amount spent on college was consistent with prior years, families spent more out of pocket (42 percent of college costs) while overall borrowing (22 percent of college costs) was at the lowest level in five years.
Sallie Mae:
Rick Castellano, 302-451-2541
rick.castellano@salliemae.com
or
Ipsos:
Michael Gross, 202-420-2012
micheal.gross@ipsos.com
