Attitudes and Influence on Paying

Attitudes and Influence on Paying
for College
How America Pays for College clearly shows that
American families with a child enrolled in college place
a high premium on a college education. From 2009-15,
an average of 97 percent agreed (either strongly or
somewhat) that college is an investment in the future, and
eight in 10 families (80%) believe that a college education is
part of the American Dream.
A majority of families reported college is expected in their
family (63% agree), but the level of agreement declined
over the past three years. This shift is almost wholly driven
by changes in student attitudes—potentially indicating
a growing base of students who reach for college,
notwithstanding a lack of expectation from their families.
Parent agreement that college is expected in the family has
been steady over the past three years (66% in 2013, 65% in
2014, and 65% in 2015) while student agreement dropped
from 72 percent in 2013, to 66 percent in 2014, to 60 percent
in 2015.
Families of students currently enrolled are fully committed
to making college happen, with nearly nine in 10
respondents (88%) agreeing they are willing to stretch
themselves financially to obtain the best opportunity for the
student’s future. In a similar vein, eight in 10 (80%) would
rather borrow to pay for college than not be able to attend.
And relatively few (27%) reported they had considered the
possibility of not attending college due to cost.
How America Pays for College 2015 demonstrates families are
making the financial commitment to support their goal of
higher education.
Families Spent More on College
After four years of relatively stable spending, families
spent more money this year on college. Undergraduate
families reported the amount they paid for college increased
by 16 percent, on average, in academic year 2014-15
compared to 2013-14, the first significant increase in this
study in five years.
The current average cost, $24,164, is similar to 2009-10,
the prior peak spending year ($24,097). The average amount
spent on college decreased after 2010, ranging from $20,882
to $21,889 through 2014, fluctuating less than 5 percent over
the four year period.
The increased spending this year was driven in large part
by high-income families, who paid $6,704 more, on average,
($33,260) for college than they had in 2014 ($26,556).