Many families expect more free financial aid than they are likely to receive. The left chart shows how families expect to pay for college, using three major funding sources: 1) income and investments, 2) loans and 3) free financial aid and gifts. The right chart shows how much actually comes from those three sources. Key takeaway: The average family gets much less than expected in free money, which means 16% more out of their pocket. And a family’s total out-of-pocket share of college costs continues rising, from 34% to 53% in the last four years alone.