American families spent 16% more on college this year

Yahoo Finance reports:

Americans say they spent 16% more on college expenses during the 2014-15 school year than the year before, according to Sallie Mae’s annual “How Americans pay for college” report.

Families shelled out an average of $24,164 to cover college costs during the 2014-15 school year, compared to $20,882 the year prior. It’s the first time in five years that families have increased college spending year over year, according to Sallie Mae.

The rising cost of college is certainly one factor that could be contributing to this significant bump, but it doesn’t tell the whole story. The average cost of college tuition and fees rose by just 2% for the 2014-15 school year, according to the College Board, which tracks college costs nationwide. Sallie Mae’s numbers are likely to be different because its report, which surveyed 1,600 participants, asks about overall spending, including transportation and additional expenses beyond tuition, room and board.

Just a reminder the next time someone tells you there's "low inflation".