Parents are actually only paying for a fraction of college tuition.
Tuition and fees for a four-year private college averaged; at four-year, in-state public colleges, it was $10,230, according to the College Board. And that's not even adding in room and board or other expenses.
Income and savings from parents and students combined covered nearly half, or 47 percent of that amount in 2017-2018, up from 44 percent the year earlier, the education lender found. Scholarships, in fact, were the single most-used resource to pay for an undergraduate's college bill.
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