Americans Borrowing Less To Pay For College

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.

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