Families are now spending about 9 percent more on college than last year, averaging $30,837 per student, similar to pre-pandemic levels. The funding primarily comes from income and savings, constituting 48 percent, while scholarships and grants contribute 27 percent. Many families do not actively pursue scholarships, with 40 percent unaware of opportunities. Despite high costs, 79 percent of families dismissed schools based on price. However, 47 percent managed to pay less than the advertised sticker price, higher among private university attendees.
Families are spending about 9 percent more on college compared to last year, according to the annual 'How America Pays for College' report. Families spent an average of $30,837 on college which reflects pre-pandemic spending levels.
Families typically use their own money to pay for college, with income and savings accounting for 48 percent, while scholarships and grants make up 27 percent of the funding.
Forty percent of families didn’t seek scholarships to help pay for college, either because they were unaware of available opportunities or felt they couldn’t win them.
While most families see college as worth the cost, 79 percent eliminated at least one institution based on price. Yet, 47 percent paid less than the sticker price.
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