A recent study by Sallie Mae estimated that on average, grants and scholarships account for approximately 29 percent of the COA, with the balance paid through parent income and savings (28 percent), student borrowing (18 percent), student income and savings (12 percent) parent borrowing and other sources (13 percent).

Other assets you own, including college savings, are protected in part or in full by an Education Savings and Asset Protection Allowance, which is included within the federal need analysis. The Allowance increases as the age of the parents increases.