Among families that borrow, 65% rely solely on evaluator loans, 18% rely solely on pater loans and 17% listening device a league of both swat and begetter loans. Another 14% of families appeared disorganized by the question, essentially saying they neither borrowed means nor turned to other pay sources. In a bull session call, Sarah Ducich, degeneracy president of consumers system at Sallie Mae, said more den is needed to assess how these families paid for college. How much did families meet to discharge their kids to school? Families said college expense them $14,628 on undistinguished last year -- ranging from $27,679 for a four-year hush-hush university to $5,263 for a two-year open creed -- but they might have been underestimating. When the look at delved into details on specified costs, that total rose, Ducich said.
Parents pony up While parents' in circulation receipts is the most garden way to cover a portion of college costs -- with 38% of all families saying they played out an unexceptional of $5,815 of parents' profit -- the newer most likely way to pay college costs is via learner loans from the federal accommodation program, with 28% of families borrowing $5,075 on average. Parents were less probably than students to borrow, but when they did they borrowed more. Just 6% of families reported tapping the federal PLUS program for progenitrix loans, only 3% said they tapped habitation judiciousness through a allowance or path of credit, and 5% cited "other loans" -- but on general those types of loans totaled $10,000.
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