How America Pays for College - Sallie Mae

Figure 5: How the Typical Family Pays for College, Year-over-Year . .... Figure 15: Had a Plan for All Years Prior to Enrolling, by Income Group, Over Time .
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2014

How America Pays for College Sallie Mae’s National Study of College Students and Parents

Conducted by Ipsos Public Affairs

About Sallie Mae®

About Ipsos Public Affairs®

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for American families. With products and services that include Upromise® rewards, scholarship search and planning tools, private education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Learn more at SallieMae.com.

Ipsos is an independent market research company controlled and managed by research professionals.

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Founded in France in 1975, Ipsos is the world’s third largest market research company with offices in 89 countries. Ipsos is one of the fastest growing market research companies and most trusted research brands in the United States. Ipsos delivers insightful expertise across five research specializations: Advertising, Loyalty, Marketing, Media, and Public Affairs. Ipsos Public Affairs is staffed by experts on social research and corporate reputation. Teams around the world conduct research on public policy issues and on attitudes and behaviors of citizens and consumers. They conduct also public opinion research and elite stakeholder, corporate, and media opinion research. Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712 million ($2,343 million USD) in 2013. Visit www.ipsos-na.com to learn more about Ipsos offerings and capabilities. Ipsos Public Affairs 2020 K Street NW, Suite 410 Washington, DC 20006

Access a related infographic and additional information at SallieMae.com/HowAmericaPays

©2014 Sallie Mae Bank. All rights reserved. The Sallie Mae logo and Sallie Mae are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae Bank and Upromise, Inc., are not sponsored by or agencies of the United States of America. Other logos are trademarks or service marks of their respective owners. SMSM MKT9386B 0714

TABLE OF CONTENTS 1: About This Study__________________________________________________________ 5 2: Overview of Findings_______________________________________________________ 6 3: Detailed Findings__________________________________________________________ 8 4: Frequency of Resources Used_______________________________________________ 20 5: Role of Planning to Pay for College___________________________________________ 23 6: First-in-Family to Attend College _____________________________________________ 26 7: Data Tables_____________________________________________________________ 29 8: Technical Notes__________________________________________________________ 57

Figures Figure 1: How the Typical Family Pays for College 2014: Average Percent of Total Cost Paid from Each Source................................................................. 6 Figure 2: Enrollment by School Type, Over Time............................................................................................................................................................................... 8 Figure 3: Average Amount Paid for College, by School Type, Over Time...................................................................................................................................... 9 Figure 4: Paying-for-College Responsibility......................................................................................................................................................................................... 9 Figure 5: How the Typical Family Pays for College, Year-over-Year...........................