Although many college students are forced to take out loans to pay for school, a good chunk of them rely on mom and dad to help offset the costs.
Sallie Mae surveyed (with help from market research firm Ipsos) 1,600 college students and their families, and found that families are borrowing less and paying out of pocket for college, reports CNN Money. By not borrowing, students end up saving thousand of dollars in future loan interest rates.
While 34 percent of students have parents (and other relatives or friends) to help pay for college, 31 percent use scholarships and grants, 22 percent of families take out student loans, and 12 percent of students pay with their own money.
Another important piece of information gathered from the survey: 98 percent families agree that college is a worthwhile investment.
For more information on this story, click here.