According to CNN, parents are willing to spend more money on their children's college education for the first time in five years. The Academic year of 2014-2015 cost American families $24,164 each. That is 16% higher than last year. The reason for parents spending more on their children's education isn't just the hike in tuition, but also people have more faith in the economy now. "Parents do seem to feel more secure about their income. They're not worried about their income going down or losing their jobs" Marie O'Malley, Sallie Mae senior director of consumer research said. For more news on college, click here.