Bookbyte Blog

Posts tagged ‘paying for college’

Education Dept Calls Financial Aid Applicants ‘Poor’

Yesterday, the US Education Department’s Twitter account for financial aid sent out a tweet saying “If this is you, you better fill out your FAFSA” followed by a link to their site and a screenshot from this scene from the movie Bridesmaids, complete with the caption “Help me, I’m poor.”

o-FAFSA-TWEET-570

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Scholarships Replace Parents As the #1 Payment Source for College

The amount of money parents contribute to their kids’ college education is dropping. Or, more accurately, it’s struggling to keep up. As recently as 2010, parents paid for 37% of the total money spent on college education around the country from their own income. Three years later, that amount has dropped 10%, with grants and scholarships now taking over a greater percentage of the heavy lifting.

Student Borrowing 18%, Parent Borrowing 9%, Parent Income & Savings 27%, Grants & Scholarships 30%, Relatives & Friends 5%, Student Income & Savings 11%

How college was paid for in the 2012-2013 academic year. Source: Sallie Mae

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