How the Typical American Family Pays for College

July 27, 2024
A group of people are moving into a college dorm room.

The typical family uses a combination of income, savings, grant aid, and loans to pay for college. For the past several years, income and savings from parents and students have consistently covered about half of the total cost, with grant aid covering about one quarter of the total cost and loans covering most of the remainder.


Starting a college fund early and aggressively looking for grant aid from colleges can help families reduce the amount they may need to borrow. A net price calculator, available on every college website, can help families estimate how much grant aid a student might receive at a particular college.

A father and daughter are walking down a street carrying a tote of stuff for college.

All Securities Through Money Concepts Capital Corp., Member FINRA / SIPC

11440 North Jog Road, Palm Beach Gardens, FL 33418 Phone: 561.472.2000

Copyright 2010 Money Concepts International Inc.

Investments are not FDIC or NCUA Insured

May Lose Value - No Bank or Credit Union Guarantee

This communication is strictly intended for individuals residing in the state(s) of MI. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2020.

A brick building with a clock tower and vibrant fall foliage, on a grassy lawn.

Wealthy Colleges Face Expanded Endowment Tax

By TFC Team • January 19, 2026
Wealthy colleges face an expanded endowment tax in 2026. Learn the OBBBA tiered rates, per-student thresholds, and who pays 1.4%, 4%, or 8%.
A smiling couple sitting with a dog on a concrete step.

Key Retirement and Tax Numbers for 2026

By TFC Team • January 19, 2026
Key Retirement and Tax Numbers for 2026: IRS updates on standard deductions, IRA contribution limits, and estate and gift tax exclusions.
Pink piggy bank with stethoscope on a blue background.

No More Groundhog Day for Your Finances: Time for a Financial Wellness Checkup

By TFC Team • January 19, 2026
Break the cycle with a financial wellness checkup. Review goals, re-balance your portfolio, cut debt, and boost credit health for the year ahead.
Two businesswomen reviewing data on a tablet and laptop, collaborating in an office.

How Does Your Income Compare?

By TFC Team • January 19, 2026
Chart shoing the adjusted gross income (AGI) of U.S. taxpayers from 2024. Nearly half of taxpayers have a AGI of less than $50,000.
Show More