Report: Americans Borrowing Less to Pay For College

By Joe Gullo , CNN

Published 07/31 2014 04:56PM

Updated 07/31 2014 04:57PM

A growing number of Americans are paying for college out of their own pockets. That's according to Sallie Mae, which specializes in educational financing.

In the last school year, 42 percent of college cost was covered by parents or student income or savings. The previous year, it was 38 percent, but it had been declining for three years.

Sallie Mae's report also shows families borrowed 27 percent of college costs last year, this year its 22 percent.

Many parents are cutting costs in areas like student housing and textbooks.

Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.