How America Pays for College 2016

In the “How America Pays for College 2016,” a report from student lender Sallie Mae released on Tuesday, the average American family paid $23,688 for college in the 2015-16 school year, down slightly from $24,164 in 2014-15, Reuters reports. What stands out most in the Sallie Mae report is the difference in cost between four-year-private colleges, which average $41,7562 a year, and four-year public schools, at $23,289. Two-year public community college programs are the most economical at $9,840 a year on average. How much families earn and how they finance tuition and other expenses like travel is vastly different in these spheres. Private college families take about $2,150 more in loans per year, and spend about $5,700 more from out-of-pocket cash. But private institutions also kick in a much larger portion of scholarships and aid, which covers the rest of the cost differential.

Source: RealClearEd

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