College students are increasingly paying for their own higher education, according to a new study from college financing company Sallie Mae. The company, which teamed up with Ipsos Public Affairs, released its annual “How America Pays for College” report recently. Among the key findings are that the current crop of college students are responsible for paying larger shares of their education, while their parents are picking up smaller portions of the tab.
Also, more families are ruling out schools that are out of their price ranges.
By factoring in their savings, income and loans, college students are covering 30 percent of the total cost of attendance, the survey shows. Their peers four years ago carried about 24 percent of the cost. Meanwhile, parents are covering 37 percent of the costs of college, down from 45 percent four years ago.
The survey also shows that 69 percent of families said they had eliminated certain colleges from their search based on cost, which is up from 56 percent in 2009.
Fifty percent of parents and 66 percent of students said they’ve reduced their spending to have more money to pay for college.