Financial Aid
Families borrowing less for college, report finds
Families borrowing less for college, report finds

Americans are borrowing less for college, and instead relying more on savings and income, a study from a student lender found. In the 2013-2014 school year, the typical family paid 22% of the total college cost through borrowing, according to Sallie Mae’s annual How America Pays for College study. That’s down from 27% in the previous two years. Meanwhile, the share of college costs paid through savings and income rose. Student savings and income paid for 12% of costs on average, up from 11% in the previous year. Parent savings and income rose from 27% to 30%. A large reason behind the shift was that parents making more than $100,000 significantly boosted their contributions...