Study: Grants, scholarships top financial aid

WASHINGTON - Parents are picking up less of their children's college costs while grants and scholarships now have the top role in covering the bills.

That's according to a report released Tuesday from loan giant Sallie Mae and Ipsos Public Affairs.

Since the economic recession, more college-bound students have eliminated schools from their searches based on costs and have relied less on their parents once they get to campus, the report found. Parents and students often make decisions on schools, majors and work schedules based on the price tag.

Last year, the average family turned to grants and scholarships to cover 30 percent of college costs. Parents' income and savings covered 27 percent of the bill and student borrowing covered 18 percent. The poll of parents and students was taken this spring.

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