Americans Borrowing Less To Pay For College

A growing number of Americans are paying for college out of their own pockets.

That's according to Sallie Mae, which specializes in educational financing.

In the last school year, 42% of college cost was covered was covered by parents or student income or savings.

The previous year, it was 38%.

The report shows families borrowed 27% of college costs last year and this year it's 22%.

Many parents are cutting costs in areas like student housing and textbooks.