What and how families pay for college

The above charts are from the Pew Research Center. Go here for the related article.

Average spending on college is $21,178

The average amount spent on a year of college is now $21,178, according to a study released today by Sallie Mae, a financial services company specializing in education. This is down from a peak of $24,097 in the 2009-10 academic year.

Price is a bigger factor in choosing a college. A majority of families reports eliminating certain colleges from their search because of how expensive they are.

A greater number of college students are choosing to live at home, too. Even students from families with income over $100,000 are adopting this cost-saving approach.