College Expenses Jump 10% as Families Shoulder Nearly Half the Cost
A new Sallie Mae/Ipsos survey shows college spending rose 10% year-over-year, with families covering 49% of the total out of pocket.
According to a recent Sallie Mae and Ipsos poll, the overall cost of attending college rose by 10% over the past year. Families are responsible for 49% of these expenses out of their own funds. The survey of 1,000 students and 1,000 parents found that price is a primary factor in college selection, with 79% of families considering cost at several decision points.
A Sallie Mae spokesperson said most families feel confident about their financial choices, even if it required stretching budgets. However, only 52% reported paying less than the listed tuition, and misunderstandings about scholarships and the FAFSA may cause missed savings opportunities. The report also cites administrative growth, higher staffing, and expanded campus facilities as drivers of rising costs.
Why it matters
Rising college costs affect family budgets and could limit access to higher education for many students.
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