More families expect kids to go to college, but don’t have a plan to pay for it as students pay more

Katen Herzog:

Through a combination of work, savings and borrowing, students covered 30% of college costs for the 2016-’17 academic year, while parents picked up 31%, according to the 10th annual Sallie Mae “How America Pays for College” survey of undergraduate families.

The report also says that while 9 in 10 families always knew their child would go to college, fewer than 4 in 10 actually created a plan to pay for it by saving, researching costs and identifying sources of funding, the survey found.

Those who have a plan to pay for college save more and borrow less, according to Sallie Mae surveys through the years.