Families reported spending $28,409 on college for academic year 2023-24—in line with $28,026 in 2022-23—and covered nearly half (48 percent) of expenses with income and savings, according to new data in annual study on how America pays for college by Sallie Mae.
Additional findings from the study shows that about three in four families completed the Free Application for Federal Student Aid for the 2023-2024 academic year; however, of that number, just 29 percent found it easier to complete. In addition, of those who experienced a delay, 44 percent reported experiencing stress waiting for financial aid decisions, 21 percent sought out additional financial aid options, 14 percent considered switching to a lower-cost school, and 10 percent transferred schools.
When it comes to financial aid offers from schools, 71 percent of families support a simplified, standardized letter, the report notes.