Nearly half of American families borrowed money to send their kids to college this year as costs at some schools topped $100,000 annually, new survey data shows. The numbers reveal how far higher education has drifted from middle-class reach.
Only 12% of Americans now consider four-year colleges affordable, according to a Lumina Foundation and Gallup poll of more than 22,000 adults conducted in June. Cost ranked as the single biggest barrier keeping prospective students out of college.
“Americans haven’t given up on higher education; they want it for their children … but they are questioning whether they can afford it,” said Courtney Brown, chief data and research officer for the Lumina Foundation.
Borrowing Becomes the Default Plan
The financial strain shows up in family budgets. Nearly half of families borrowed money to cover college costs in the 2025-26 academic year, and 68% of those families said taking on debt was always part of their plan, according to Sallie Mae’s How America Pays for College report.
That marks a significant shift from a generation ago, when many middle-class families could cover state university tuition from savings and current income. Now debt loads start before the first class begins.
What Rising Costs Mean for Families
The six-figure price tags represent total cost of attendance—tuition, fees, room, board, and other expenses. While few families pay the full sticker price thanks to financial aid, the growing gap between college costs and family resources forces difficult choices about retirement savings, home equity, and sibling opportunities.
For grandparents who want to help, the numbers strain fixed incomes. A $100,000 annual bill across four years means $400,000—more than many Americans have saved for their entire retirement.
The Lumina survey included nearly 6,000 college graduates, 14,000 adults without degrees or working toward one, and 2,000 employers. The consistency across groups suggests the affordability crisis affects families regardless of their connection to higher education.
Key Points
- Only 12% of Americans consider four-year colleges affordable, down sharply from previous generations
- Nearly half of families borrowed money for the 2025-26 academic year, with 68% saying debt was always their plan
- Some colleges now cost over $100,000 annually for tuition, fees, room, and board combined
https://www.cnbc.com/2026/08/15/how-families-pay-for-college-as-tuition-costs-soar.html – August 15, 2026
