35% of students attended college outside their family budget; Parents of High School Seniors Should Plan for Tuition Now
Posted: October 26, 2021 at 8:00 a.m. CDT|Update: 11 hours ago
WILMINGTON, Del., October 26, 2021 / PRNewswire / – For families with high school students, fall is a busy time to prepare for college. Students refine their choices, apply to schools, and write essays. In addition to their checklist for college admissions, families should also plan for tuition fees now to help reduce “financial surprises” next spring. Based on a National College Ave Student Loan Survey of 1,000 Parents of Current Students Conducted by Barnes & Noble College Insights™, more than 1 in 3 (35%) had a child attending college outside their budget while 7 in 10 (70%) spent more on tuition and tuition than they did. had planned.
Perhaps looking back, this is why most parents of current students ranked the question of how to pay for college as the most stressful part (66%) of the process, before completing applications for admission to university (53%), follow the path to university. deadlines (51%) or the creation of a collegiate list (45%). To help families deal with the stress of college funding, College Ave Student Loans offers these tips for high school seniors and their parents to do this fall:
- Feel good with your college savings. 79% of parents have set aside money to help pay for their child’s college education, and of those, 64% feel comfortable with the amount of their savings, according to the College Ave survey. This does not mean that parents foot the whole bill. Of those who saved, only 28% saved enough to pay for their child’s full college education. 43% say they could pay half or more.
- Be persistent with scholarship applications. The number one tip from parents to high school parents: Encourage your child to apply for more scholarships, said 82% of those surveyed. Where to look? Families who used scholarships and grants said they came from the school’s financial aid program (65%), ideas from the college counselor or financial aid office (33%), high school counselor (33%), online scholarship search (31%) and community or local organization (24%). One easy scholarship that parents can apply on behalf of their child is the monthly College Ave Student Loans. $ 1,000 draws.
- Fill out the FAFSA now. Launch of the free federal student aid application October 1st and it opens the door to financial aid (an annual pool of more than $ 120 billion). The FAFSA can determine a student’s eligibility for federal grants, need-based financial aid, scholarships and merit assistance, work-study, and federal student loans. Some aids are offered on a first come, first served basis, so completing the FAFSA early ensures you don’t miss a thing.
- Organize your papers. More than half of families (58%) who completed the FAFSA say it’s confusing and complex. Gather the important documents you need – including bank statements, tax returns, driver’s licenses, etc. to facilitate the completion of the form. Also be aware of errors – an error on the FAFSA form can delay the financial aid process.
- Do not leave stones unturned. More than one in 10 parents (12%) said they had helped cover school fees through a side activity or a second job. With a child soon to be leading the co-op, the hobbies, passions, and opportunities you’ve put on the back burner might not only be personally fulfilling, but financially rewarding as well. While this is one of the more unconventional ways to pay for college, it highlights that there are a number of ways families can work together to cover tuition.
For more tools and expert advice on financial aid and planning for college, visit: collegeave.com.
About College Ave Student Loans
College Ave Student Loans started with a big vision and a simple mission: to take the stress out of paying for college education so that students can focus on building a bright future. Now a leading fintech lender, College Ave remains committed to using the best technology and in-depth industry expertise to deliver practical, personal solutions that give young adults a head start on the path to financial success. We offer best-in-class products with competitive pricing and a user-friendly experience from start to finish. Visit: www.collegeavestudentloans.com
About the survey
The College Ave Student Loan Survey was conducted by Barnes & Noble College Insights™. The national online survey of parents of undergraduates attending a 4-year college or university on one of the campuses served by Barnes & Noble college had 1,000 respondents and was sent in September 2021. Last year, Barnes & Noble College Insights conducted over 50 research studies and over 100 surveys of students, faculty and parents who interact with the one of its more than 770 campus bookstores across the country. .
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Student Loans SOURCE College Ave
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