Spending on College Increases

Parents are shelling out more money to pay for their children’s college. A new report from Sallie Mae shows college spending was up 16-percent in the 2014 to 2015 academic year…Compared to the previous year. On average, families shelled out more than $24,000 for tuition, room and board, transportation and other college-related expenses. But the report found rising college costs weren’t solely to blame. According to researchers, parents were actually less worried about the economy…And were more willing to spend the money. The report also found that parent contributions from income and savings were the largest funding source for college students for the first time since 2010…Surpassing scholarships and grants.


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