Sallie Mae and Ipsos are proud to present How America Pays for College 2016, an annual study
of students and parents — and how they’re paying for college. Here’s a few insights from Temeka Easter, Senior Director of Social Media at Sallie Mae. Please note that College Prep Ready was compensated by Sallie Mae for the content in this post.
How are families paying for college? According to “How America Pays for College 2016,” it’s
with a combination of sources including income and savings (41%), scholarships and grants
(34%), and borrowing (20%).
I want you to pay extra attention to “combination of sources” as you prepare to pay for college because this will most likely have to be your strategy unless you receive a full tuition scholarship for your undergraduate education.
I loved this next insight from the How America Pays for College 2016:
Research shows 98% of students are taking steps to make college more affordable.
This shows that students are actually taking the time to prepare for how they will pay for college. This is a must-do because you don’t want to spend your senior year of high school in panic mode and trying to figure out how you will pay for college.
Of course, one of the best ways to pay for college is with scholarships and grants. I was glad to see in How America Pays for College 2016 that
The use of scholarships and grants to pay for college is up and families borrowed less.
Scholarships and grants are the number one source of funding used to pay for college.
To learn more about paying for college, read How America Pays for College 2016 today!