According to CNBC, a recent Lumina Foundation and Gallup poll found that just 12% of surveyed Americans say four-year colleges are affordable, as rising costs push higher education out of reach for many students. The survey polled 14,000 adults without a degree or working toward one, nearly 6,000 college graduates and 2,000 employers from June 1-15, and Lumina’s Courtney Brown said Americans still want higher education for their children but are questioning whether they can afford it.

Sallie Mae’s new How America Pays for College report found that nearly half of families borrowed money to pay for college in the 2025-26 academic year, and 68% of those respondents said borrowing had always been part of their plan. The report said parent income and savings covered less than half of college costs in most cases, while scholarships and grants paid for more than a quarter and student loans made up most of the rest.

A separate College Ave survey found that parents who saved for college reported setting aside $37,897 in 2026, down from $51,310 in 2025, and only 16% of families who saved said they felt prepared to cover the full cost of a degree through savings alone, down from 27% a year earlier. The findings come as new federal student loan limits took effect this year under legislation in President Donald Trump’s “big beautiful bill,” and Sallie Mae said 66% of families surveyed support limits on federal student borrowing.