How Most Americans Pay For College - Merrill Edge

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Open an account with Merrill Print How most Americans pay for college Share: Click to share on Facebook, link opens in a new window Click to share on LinkedIn, link opens in a new window Click to share on X, link opens in a new window Click to share on Email, link opens in a new window Graphic illustrating the different resources families use to pay for college costs. When paying for college, families rely on a combination of financial resources - including out-of-pocket payments and loans - to meet their educational expenses. Parent income and savings account for 38% of college funding for the typical family, with parents contributing, on average, $11,729. Scholarships and grants account for 27% of college funding for the typical family, with students awarded an average of $8,354 in funds that don't need to be repaid. Student income and savings account for 10% of college funding for the typical family. Among college students, 33% say they hold a job all year, 23% say they work only on school breaks and 14% say they work during school but not breaks. Student borrowing accounts for 12% of college funding for the typical family. In families who borrowed to pay for college, students borrowed $7,535 on average. Parent borrowing accounts for 11% of college funding for the typical family. In families who borrowed to pay for college, parents borrowed $7,092 on average. Gifts from relatives and friends account for 2% of college funding for the typical family, with families using, on average, $533 in gifts from others to cover college expenses. Source: Sallie Mae, "How America Pays for College 2025." More for you
  • Visit What's your game plan to fund college for planning resources and tools.
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  • Use our 529 state tax calculator to learn if your home state 529 plan offers state tax deductions.
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