This report examines how enrolled undergraduate students and parents of undergraduates view higher education and how they pay for it. The report considers education funding sources--from parent and student income and savings to scholarships, grants, and borrowed funds--and evaluates trends in payment strategies over time. This 18th edition builds on insights into families' experience with the financial aid process, including researching and applying for scholarships, completing the Free Application for Federal Student Aid (FAFSA®), and understanding financial aid award offers from colleges and universities. Moreover, the report considers how families used artificial intelligence tools for research and decision-making throughout the college application process. Sallie Mae has again partnered with Ipsos, a global independent insights and analytics company, to conduct this study. The research was conducted between April 8, 2025, and May 8, 2025 with an online survey of 1,000 parents of undergraduate students, ages 18 to 24, and 1,000 undergraduate students, ages 18 to 24. For the 2024-25 academic year, it was found that undergraduate families reported spending an average of $30,837 on higher education--a 9% increase from the previous year's $28,409. The FAFSA® submission rate decreased amid roll-out challenges, and over half of undergraduate families who submitted the FAFSA reported that they needed help with the application. Cost remains the leading factor in college decision-making, with 79% of undergraduate families reporting eliminating at least one school based on cost alone, whether in the research or decision-making phase.