This is How Parents Pay For Their Kids to go to College

Sending a kid to college these days is going to take more than what’s in your piggy bank.

Try close to $36,000 for tuition and fees at a four-year private college in 2018-2019, and for in-state public colleges, just over $10,000, according to the College Board.

A new report from Sallie May says that last year, the number was just over $26,000.

That’s up a couple thousand from the year before.

So, how do parents pay for their kid’s college?

They’re not footing the entire bill!

More like half.

47% of college costs were paid out of pocket, with the help of parents’ and students’ savings and income.

But a scholarship really is the golden ticket.

28% of college costs were paid for with scholarships and grants.

That makes scholarships the most-used way of paying for an undergrad’s college bill, CNBC says.

If you didn’t get a golden ticket, another popular route is to borrow money.

Loans covered 24% of the tab.

Let’s hope that college degree pays off!