An interesting study came out by SallieMae/Gallup that reported on the most common ways families pay for an education. During this past school year, 2009 – 2010, college students and families saw a 17% increase in tuition and fees from the previous year.

And with 70% of all families saying that it is more important than ever to get a college degree, we decided to look a little deeper into how families are affording to send their children to school.

The most common form of payment at 37% of those polled was their “Parents Income & Savings.

Grants and Scholarships came in second with 23%.

Student loans were third at 14%

Parents taking out loans came in at 10%

9% of students got a job and paid for college themselves.

Friends and Relatives helped pay for 7% of students’ colleges.

Anyway you look at it, this is the most expensive college has ever been and yet probably the most important time to have a degree. As difficult as it is, families are finding ways to get their children through school.