As we approach the back-to-school season, I wanted to discuss an important topic that might be on your mind: the cost of education. Whether you have children or grandchildren preparing for college or considering furthering your education, it's important to understand the financial side.
Let's delve into some eye-opening statistics about the cost of college. In 2022, the average amount families spent on college reached $25,313. Interestingly, family savings and income covered 54 percent of this amount, highlighting the importance of diligent financial preparation. Scholarships and grants accounted for 26 percent, while student borrowing constituted 18 percent.1
In 2023 the projected average household cost for back-to-college shopping is $1,367, while back-to-school shopping may average $890 per household.2
1. SallieMae, 2022, How America Pays for College