According to the annual How America Pays For College report by Sallie Mae, parents spent 16 percent more on college this year than the previous year.
Families spent an average of $24,164 on college for the 2014-15 school year, according to CNN. This figure includes the cost of tuition, room and board and all other college expenses.
According to the report, families were willing to spend more towards their child’s education because parents were less worried about the economy. Parents had less concerns about losing income or that their home value would drop. Parents in the wealthiest income brackets contributed more to their child’s education expenses than parents in the middle and lower brackets.
The report also stated that for the first time since 2010, parents’ contributions to a child’s college education were more than grants and scholarships. On average, the report states that parents contributed 32 percent of the total expenses, while grants and scholarships accounted for 30 percent.