How Families Finance Higher Ed
Parents and students are both having to dig deeper into their own resources -- with their own funds and with loans -- to finance higher education, according to an annual report on college financing released today by Sallie Mae and Gallup. The breakdown of who contributed how much for 2009-10:
- Parent income and savings: 37 percent.
- Parent borrowing: 10 percent.
- Student income and savings: 9 percent.
- Student borrowing: 14 percent.
- Friends and relatives: 7 percent
- Grants and scholarships: 23 percent.