How America Pays for College, 2024: Sallie Mae's National Study of College Students and Parents

The report examines how enrolled undergraduate students and parents of undergraduates view higher education and how they pay for it. The report considers education funding sources--from parent and student income and savings to scholarships, grants, and borrowed funds--and evaluates trends in payment strategies over time. This 17th edition provides insights into families' experience with the financial aid process, including researching and applying for scholarships, completing the Free Application for Federal Student Aid (FAFSA®), and understanding financial aid award offers from colleges and universities. This year's report also explores how students attending Historically Black Colleges and Universities (HBCUs) approach higher education financing. The research was conducted between April 8, 2024 and May 14, 2024. Dollar and proportional amounts in this report are averages that reflect composite representations intended to illustrate how the "typical" family paid for college. The composite is a computed formula that spreads individual responses across all survey respondents. The geographic regions discussed mirror those used by the U.S. Census Bureau.