Families Paid More for College Last Year and Covered Half of Costs Out of Pocket, According to Sallie Mae’s ‘How America Pays for College 2023’
FAFSA® Completion Rates Hold Steady But
Snapshot of Sallie Mae's How America Pays for College 2023 Report (Graphic: Business Wire)
About 7 in 10 families reported completing the Free Application for Federal Student Aid (FAFSA®), but roughly the same number of families (
“Students and families continue to view higher education as an important investment in their future but are also looking for ways to make it more affordable and consistently eliminate schools from consideration based on cost,” said Jenny Berg, vice president, Ipsos. “Unfortunately, families may be leaving free money on the table due to ongoing confusion about the FAFSA and eligibility for scholarships and grants.”
Four in 10 families did not use scholarships to cover college costs, most often citing a lack of awareness and low likelihood of winning for not applying. In fact,
About half of families (
“With federal student loan payments set to resume in October, now’s the time to start mapping out a plan,” said Rick Castellano, vice president, Sallie Mae. “Federal servicers have changed for many borrowers, so knowing who and how much you owe is critical and so is understanding the various options available to transition back in repayment.”
“How America Pays for College 2023” reports the results of Ipsos' online interviews of 1,213 undergraduate students and 986 parents of undergraduate students by Ipsos between March 31-May 8, 2023.
Access the complete report at www.salliemae.com/howamericapays.
Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of
Ipsos is one of the largest market research and polling companies globally. At Ipsos, our passionately curious research professionals, analysts, and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions, and motivations of citizens, consumers, patients, customers, or employees. Visit https://www.ipsos.com/en-us to learn more.
Category: Student Loans
Category: How America Pays for College
Category: FAFSA
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808045216/en/
Caron Jackson
302.304.3041
Caron.Jackson@SallieMae.com
Source: Sallie Mae