Category Archives: American

American families spent 16% more on college this year

College loan

Americans say they spent 16% more on college expenses during the 2014-15 school year than the year before, according to Sallie Mae’s annual “How Americans pay for college” report.

Families shelled out an average of $24,164 to cover college costs during the 2014-15 school year, compared to $20,882 the year prior. It’s the first time in five years that families have increased college spending year over year, according to Sallie Mae.

The rising cost of college is certainly one factor that could be contributing to this significant bump, but it doesn’t tell the whole story.

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