Credit cards continue to be a sizable source of college funding.
Sallie Mae has updated its survey of college students and parents and how they’re affording a college education. Parents are still footing the highest share (37%) of college costs through their savings and income. Grants and scholarships comprise 23% of the financing followed by student loans (14%), parent borrowing (10%), student income and savings (9%) and borrowing from friends and relatives (7%). While the percentages haven’t changed much from last year, Sallie Mae notes that the cost of college has increased, meaning families and students tapped higher amounts from all funding sources in 2009-2010.
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