In 2021, less than 20 percent of undergraduate students and their parents borrowed money from family and friends to cover college education costs in the United States. While 18 percent of respondents with an income of with less than 35,000 U.S. dollars borrowed money from family and friends, that figure drops to eight percent for those with an income of at least 100,000 U.S. dollars.
Share of families borrowing money from family and friends to cover college education costs the United States in 2021, by income
* Sample:
355 with an income of less than 35,000 U.S. dollars
854 with income between 35,000 and 100,000 U.S. dollars
649 with income of 100,000 U.S. dollars and higher.
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Sallie Mae. (July 20, 2021). Share of families borrowing money from family and friends to cover college education costs the United States in 2021, by income [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1298553/borrowing-from-family-and-friends-for-college-costs-us-by-income/
Sallie Mae. "Share of families borrowing money from family and friends to cover college education costs the United States in 2021, by income." Chart. July 20, 2021. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1298553/borrowing-from-family-and-friends-for-college-costs-us-by-income/
Sallie Mae. (2021). Share of families borrowing money from family and friends to cover college education costs the United States in 2021, by income. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1298553/borrowing-from-family-and-friends-for-college-costs-us-by-income/
Sallie Mae. "Share of Families Borrowing Money from Family and Friends to Cover College Education Costs The United States in 2021, by Income." Statista, Statista Inc., 20 Jul 2021, https://www.statista.com/statistics/1298553/borrowing-from-family-and-friends-for-college-costs-us-by-income/
Sallie Mae, Share of families borrowing money from family and friends to cover college education costs the United States in 2021, by income Statista, https://www.statista.com/statistics/1298553/borrowing-from-family-and-friends-for-college-costs-us-by-income/ (last visited November 22, 2024)
Share of families borrowing money from family and friends to cover college education costs the United States in 2021, by income [Graph], Sallie Mae, July 20, 2021. [Online]. Available: https://www.statista.com/statistics/1298553/borrowing-from-family-and-friends-for-college-costs-us-by-income/
