A survey by the nation's largest student lender finds families are cutting back on spending for college.
More families responding to Sallie Mae's annual survey said they're making their college decisions based on the cost than in previous studies.
They're choosing less expensive schools, including two-year colleges, and more students are living at home.
The average amount spent on college by families responding to the survey declined by 5 percent in the 2011-12 school year.
Parents spent an average $5,955 on college from their income and savings. That's about $700 less than the previous year and almost $2,800 less than the year before that.
Students also footed more of the bill from their own funds.
All told, the survey found parents funded 37 percent of college costs through spending or borrowing, down from 47 percent two years ago. Students accounted for 30 percent; grants and scholarships 29 percent; and relatives and friends paid for 4 percent.
The survey was based on telephone interviews in April and May with 1,601 college undergraduates and parents.
Copyright 2012 Associated Press. All rights reserved.
Friday, May 17 2013 7:16 PM EDT2013-05-17 23:16:53 GMT
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