Survey Examines How Families Paid for College in 2025-26
By Maria Carrasco, NASFAA Staff Reporter
College families reported spending an average of $34,019 on college during the 2025-26 academic year, a 10% increase from last year, according to a recent survey from Sallie Mae. However, despite this increase, over half of family respondents said they paid less than the full advertised sticker price for school.
The survey, titled How America Pays for College 2026, is an annual survey from Sallie Mae of 1,000 undergraduate college students and 1,000 parents of undergraduates. The survey was conducted between April 22 and May 26, 2026, and includes questions on how families paid for college, how much families spend on college, what percentage of families completed the FAFSA, and more.
Here are just some of the key findings for the 2025-26 academic year:
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College families spent an average of $34,019 on college for the 2025-2026 academic year. That’s up 10% from last year’s $30,837 average.
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This varies significantly considering institution type. Families with a student attending a 2-year public school paid an average of $21,388, while a student attending a 4-year public school had an average of $31,886, and $47,032 for 4-year private school.
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However, college families contributed an average of $16,624 out of pocket for 2025-2026 year, which accounts for 49% of total college spending. Meanwhile, grants and scholarships covered 27% of college spending.
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47% of college families borrowed money to pay for college for the 2025-2026 academic year. However, that number differs looking specifically at institution type, with 38% of college families with a student attending a 2-year public school borrowing compared to 55% for a 4-year private school.
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61% of students received a scholarship, with an average award of $8,291.
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74% of college families completed the FAFSA for the 2025-2026 academic year. 81% of families found the FAFSA process easy, nearly a 10% increase from last year’s 72%. However, 56% of families still needed help with the application.
Notably, the survey asked families about their opinions about federal loan limits – which have recently taken place with the implementation of the One Big Beautiful Bill Act (OBBBA). Over half – 58% – of college families believe the price of college has increased in part because students could borrow as much as colleges charge through federal loan programs, and 66% support setting federal student loan limits.
And with the implementation of these new OBBBA loan limits, 99% of families expect institutions to address the impact, including lowering tuition and fees (53%), offering more scholarships (38%), and offering more generous financial aid (36%).
The survey also examines students and families perceptions around financial aid offices. Notably, 50% of college families used the college’s financial aid office or financial aid counselor as a source of information for paying for college, and 21% of college families used the school’s financial aid office to help with the FAFSA. Also, a large percentage of family respondents – 81% – said they trust the college's financial aid office or financial aid counselor.
The survey touched on families' expectations around the financial aid they would receive, versus what they actually ended up receiving – 57% of families said they got the amount of financial aid they expected, 19% said they received less, 7% said they received more, and 17% had no expectations.
As for how students decide on which college they attend, cost, location, and the academic program are the key drivers of that choice. Specifically, the top factors families used to choose which college to attend were the price (40%), proximity to home (39%), whether the school was in-state (39%), the academic program or degree offered (38%), and the scholarships or financial aid received from the school (36%).
Despite rising costs, students and families still see higher education as a worthy investment, with 91% of respondents saying they believe higher education is an investment in the student’s future, and 88% saying earning a college degree will provide opportunities that wouldn’t otherwise be available. Additionally, 80% of families are willing to stretch financially to secure the best opportunities for the student, and 75% would rather borrow to pay for college than have their child miss the chance to attend.
Publication Date: 9/10/2026
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