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Parents' Out-of-Pocket Spending Is Now the Leading Source of College Funding in the U.S.
Sallie Mae ConsumerFeature
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(60 seconds)
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READER SCRIPT
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OUT-OF-POCKET SPENDING BY PARENTS IS NOW THE LEADING SOURCE OF COLLEGE-FUNDING--SURPASSING "SCHOLARSHIPS AND GRANTS" FOR THE FIRST TIME SINCE 2010. THAT'S ACCORDING TO THE LATEST "HOW AMERICA PAYS FOR COLLEGE"-REPORT FROM "SALLIE MAE" AND RESEARCH-FIRM "IPSOS". AFTER FOUR YEARS OF RELATIVELY STABLE SPENDING, FAMILIES SPENT 16-PERCENT MORE ON COLLEGE IN THIS PAST ACADEMIC-YEAR [2014-2015]--FOR AN AVERAGE OF JUST OVER 24-THOUSAND DOLLARS. AT THE SAME TIME, FEWER FAMILIES WERE WORRIED THAT ECONOMIC-FACTORS WOULD AFFECT THEIR ABILITY TO PAY; FEWER ELIMINATED COLLEGES FROM CONSIDERATION, DUE TO COST; AND FEWER TOOK ACTIONS TO CONTROL COSTS. WHAT'S BEHIND THEIR DECISIONS? AS IT TURNS OUT, IT'S LESS ABOUT THE RISING COST OF COLLEGE--AND MORE ABOUT HOW MUCH BOTH PARENTS AND STUDENTS CHOOSE TO PAY. COLLEGE REMAINS A PRIORITY FOR PARENTS--AND THEY'RE FEELING MORE CONFIDENT, AS THEY REACH INTO THEIR OWN POCKETS, AND PUT THEIR MONEY WHERE THEIR VALUES ARE. TO LEARN MORE, VISIT "SALLIE-MAE"-DOT-COM.
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