In the 2012-2013 academic year parents paid an average of $5,727 for their children to attend college. This is down from the 2009-2010 academic year, in which parents spent $8,752 on average for their kids to attend college. The decrease in money spent by parents on kids attending college comes in a time of economic weakness. As a result some college students are having to cut cost, which includes living at home to save money.
“Parents are still willing to stretch themselves financially, but their incomes just haven’t kept up,” Sarah Ducich, senior vice president for public policy at Sallie Mae, told The Wall Street Journal.
Parents and students are looking toward scholarships to reduce the cost of higher education. 30% of college cost were payed for by scholarships last year, as compared to 23% the year prior, reports WSJ.