For 16 years, Sallie Mae has surveyed college students and parents of undergraduate students about their attitudes toward higher education and how they're paying for it. This year's report explores education funding sources--from family income and savings to scholarships, grants, and borrowed funds--and evaluates trends in payment strategies over time. This year's report provides learnings about families' awareness of the financial aid process including researching and applying for scholarships, completing the Free Application for Federal Student Aid (FAFSA®), and understanding financial aid offers. The report also considers the steps undergraduate families took to plan for paying for higher education. Finally, for the first time, this report explores how students attending public Historically Black Colleges and Universities (HBCUs) approach higher education financing. The research was conducted between March 31, 2023, and May 8, 2023. [For the 2022 report, see ED624387.]