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How Much Families Spent on Collegefamilies spent, on average, $24,164 for college in academic
year 2014-15, a 16-percent increase compared to 2013-14,
and the first significant increase in this study in five years.
Spending on college increased for all income groups.
A significant 25-percent increase in spending by highincome
families was largely responsible for this overall rise.
The rising cost of college undoubtedly influenced
families’ increased spending on college.
Additionally, though, families may have paid more
for college this year, compared with the prior four years,
because they felt economically ready to spend more.
The proportion of families who took actions to make college
more affordable grew over the prior five years; however, this
year, there was no growth in the number of families taking
affordable actions, and in several areas, there was a decline.
Specifically, fewer families chose a school close to home to
reduce transportation costs, and fewer students were living
at home while going to college.
Separately, compared with the prior five years, fewer
families reported eliminating colleges from their potential
selection set due to cost.
Finally, parents were less worried about economic factors
most likely to affect their ability to pay for college. Most
notably, fewer parents were extremely worried that earned
income will decline due to job loss. Thirty-three percent of
parents had been extremely worried about that in 2010.
This worry dropped to 23 percent in 2014, and to 17 percent
this year.
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