Despite rising concerns about the return on investment for college education, a significant majority of high school students still aspire to attend college. According to Sallie's 'How America Plans for College' report, 95% of families with high school students plan for their children to pursue higher education, with only 5% considering it unlikely.
The primary motivations for this pursuit include skills training, career opportunities, and the potential for higher earnings. Approximately 82% of families believe that the investment in college will be worthwhile, even as the costs continue to rise.
The report highlights that families typically cover about half of college expenses through income and savings, with scholarships and grants contributing over a quarter of the costs. However, many families are unaware of the benefits of 529 college savings plans, with only 39% utilizing them. As tuition increases outpace financial aid, families are increasingly burdened with the costs.
For incoming freshmen, average student loan debt could reach $43,000 by graduation, exacerbated by new federal loan limitations introduced in 2026. Financial aid consultant Kalman Chany notes that parents will no longer have access to federal loans to cover the full cost of college for students starting in Fall 2026.
Consequently, families may need to rely on private loans, which often come with higher interest rates and stricter credit requirements. Sallie's spokesman, Rick Castellano, advises families to borrow responsibly and only what is necessary for education expenses