Student loans College planning Credit cards Savings About Us icon-contact icon-log-in icon-search How America Pays for College 2021 Download the full report Learn how families paid for college during the pandemic, and more Read the full research report View the infographic Join the discussion at #HowAmericaPays Families spent less on college, using a combination of financial resources to pay Families spent an average of $26,373 on college in academic year 2020-21, down 12% from $30,017 last year Family income and savings covered 53% of college costs Scholarships and grants covered 25% of costs Borrowing covered 20% of costs Relatives and friends covered 2% of costs Share of college costs paid by each funding source More families are paying ahead of families are making student loan payments while in school, up from 46% in AY 2019–20 Scholarships and grants Scholarships and grants—money that doesn’t need to be paid back—covered 25% of college costs 56% of families used scholarships 50% used grants Of the 44% of families who didn’t use scholarships, 74% didn’t apply Borrowing to pay for college Borrowed money, including student loans, covered 20% of college costs 47% of families borrowed to pay for college 32% of students borrowed, for an average of $8,775 21% of parents borrowed, for an average of $11,394 Paying for college tip Use our free Scholarship Search to access 6 million scholarships, worth up to $30 billion. Find college scholarships More families had a plan to pay for college than ever before The proportion of families with a plan to pay for all years of college is at an all-time high More families are skipping the FAFSA®, which means they could be missing out on thousands in financial aid Just 68% filed the Free Application for Federal Student Aid (FAFSA®) for AY 2020-21, the lowest percentage reported in the history of our study While families adapted to online learning, the majority are looking to get back on campus Undoubtedly, the COVID-19 pandemic changed many aspects of college students’ lives. By the end of AY 2020–21, only 11% of families report in-person only learning, with of students taking at least some classes online of students would prefer to study online-only in the fall. That said, 75% of students and families are eager to return to campus in the fall. Online learning can open additional doors for minority students Percentage (%) who strongly or somewhat agree Paying for college tip Learn about scholarships Sallie Mae® provides to help minority students access and complete higher education. Explore scholarships Additional resources How America Pays for College 2021 research report How America Pays for College 2021 infographic Join the conversation with #HowAmericaPays “How America Pays for College 2021” reports the results of online interviews with 985 parents of college students age 18–24 and 1,000 college students age 18–24, April 8–May 4, 2021 FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid Home Our story Leading research How America pays for college About us Careers For investors Media Blog Leading research Contests Cosigner responsibilities Partner resources Military resources Contact us Website feedback FAQs Sitemap Terms of use Protect your privacy Avoid online fraud Beware of debt relief offers Social media guidelines Do not sell my personal information © 2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.