Putting a child through college these days takes a lot more than a piggy bank.
Even as college savings hit an all-time high, families are paying less out of pocket and relying on financial aid more than ever before to help cover the skyrocketing cost of tuition.
Income and savings paid for 34 percent of college costs in 2016-17, down from 41 percent the year earlier, according to the most recent report by education lender Sallie Mae.
Borrowed money paid for 27 percent of costs, up from 20 percent. And, the share of college costs covered by scholarships and grants — money that does not have to be paid back — accounted for more than one-third, or 35 percent, of 2016-17 costs, the highest in the report's history. (See the chart below from Sallie Mae.)