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Students and families are borrowing less for college

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Families are taking fewer loans and using more of their own money to pay for college than at any point in the last five years. That’s according to a new study from Sallie Mae, the student-loan and financial-services company.

The study, which has been conducted annually for the last seven years, found that while families are still spending just as much on college as they were before, they paid 22 percent of costs through loans in 2014, compared to 27 percent both in 2013 and 2012.

The remaining costs were covered by out-of-pocket spending (42 percent), scholarships and grants (31 percent), and friends and relatives (4 percent).

The study also found:

Graphic courtesy of Sallie Mae

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