Although officials say the financial state of the U.S. is looking positive, the average American is still having a hard time coping with costs. The past years taught Americans how to save money and prioritize expenses. Unfortunately, parents’ saving money cut into college spending.

From the looks of it, most of today’s students are carrying most of their financial burden. If in the past years, parents would have covered the college bill, children are now taking the lead. A new study, released this Monday by Sallie Mae, shows parents cut college spending to 28 percent this year, as opposed to 2009-2010’s 39 percent.

Sallie Mae is the largest student loan company in the United States. Aided by market research firm Ipsos, Sallie Mae put together an analysis of the parent funding ratio a student gets these days. As parents save money and reduce their funds, it’s likely even more students will have a hard time coping with bills.

Sarah Ducich, vice president for public policy at Sallie Mae, explains: “Parents don’t have the same income and savings that they had then (2010). Students are borrowing more. This is particularly emphasized in families with higher income levels over $100,000”.

Two years ago it was particularly families with income levels over $100,000 that covered 61 percent of the children’s college spending. This academic year, the ratio dropped to 52 percent, while 23 percent students in this category stepped up to pay the bills.

According to the study, the majority of the students that took up the college expenses had to take a loan. But the dip in college spending is not reflected in the education rates. In fact, academic costs for 2011-2012 still average $25,600 for your typical family. Unfortunately, experts say college costs will continue to rise, and at the same time, so will the student loan debt.

Mark Kantrowitz, college finance expert, says 2008’s stock market crash cost some families up to 40 percent of the college savings due to a poor asset choice. At the same time, Kantrowitz explains “one in six 2011 high school seniors had at least one parent lose a job in the last year”. “So even a family that is still whealthy may have felt a financial pinch and may be less willing to pay for college” the college finance expert said.