Scholarships and grants may be covering more of the college bill, but families hoping for free money have their work cut out for them.
During the 2016-17 academic year, the typical family reported receiving $8,390 in scholarships and grants — enough to cover 35 percent of their college costs, according to a new Sallie Mae report "How America Pays for College 2017." That's the largest share the survey has logged in its 10-year history. (See charts below.)
Sallie Mae and Ipsos polled 800 parents of undergraduate college students age 18 to 24, as well as 800 undergraduate students age 18 to 24. Respondents determined what "scholarships and grants" covered; researchers said as a result, the category might include need-based aid, merit awards and tuition discounting from the college, as well as scholarships and grants from third parties such as community organizations or the state government.