Parents expect to pay at least $ 26,000 a year to send their children to college
NEW YORK – More than one in four parents of prospective students feel their child is not ready for college. While this does not seem surprising, the parents also share that they themselves are not prepared to pay these tuition fees either!
Specifically, a new study finds that parents feel their children are unprepared for the school load (54%), mental stress (49%), or emotional load (44%) that comes with being too busy. ‘Higher Education. On top of that, seven in 10 parents are feeling nervous about paying for college this year due to the financial impact of COVID-19.
A survey of 2,000 American parents of children entering college or current students found that 76% have started talking with their children about paying for their education. Commissioned by Student Loans College Ave and led by OnePoll, the researchers found that, on average, parents expect the total cost of college – including tuition, books, room, and meals – to exceed $ 26,000 per year.
Take the time to talk about finances
More than four in five parents with children in high school (87%) have discussed the transition to university with them. These discussions focus on good study habits (80%), time management (69%) and budgeting (62%). A fifth of parents surveyed (21%) said they would cover more than half of their child’s college expenses. Meanwhile, just over two-thirds (68%) expect their children to pay up to one-third of the bill themselves.
Hopefully, 57% of American parents are confident their child has some knowledge of how best to manage their college budget.
“College is one of the biggest investments in a child’s future,” said Joe DePaulo, CEO and co-founder of College Ave Student Loans, in a statement. “Creating a plan as a family on how to pay college fees can prepare the child for success now and for years to come. “
For families looking to save and budget money, two-thirds of parents agree that applying for scholarships (66%) or living at home (65%) are the best ways to save. The average potential student will apply for three scholarships to help pay for their university. If they plan to attend a four-year university, they will apply for an average of four scholarships.
Do you want fries with that college degree?
In addition to scholarships, two-thirds said their children were planning or already had a part-time job to help pay for their education. However, 63% fear that their child’s work will not be enough to reduce college costs. More than a third of parents (35%) said they felt they were already strapped for options when it came to paying that big school bill.
For the best financial advice possible, parents turn to college financial aid offices (49%) and search the Internet (32%) to see what other options are available. Aside from scholarships, parents think things like savings accounts (85%), federal student loans (48%), college funds (26%), and private student loans (17 %) can all play a role in paying for college education and personal savings.
“When looking for ways to pay for your education, be sure to exhaust all available financial aid options, including scholarships and grants,” adds DePaulo. “If you find that your family still has a shortfall after scholarships, grants, savings and income, student loans are an option to explore. Be sure to check out Federal Student Loans on behalf of the student first, as these come with some unique benefits, such as loan cancellation and income-tested repayment plans, before exploring the options. private student loans. Always look for private student loans with good rates and flexible repayment plans that match your budget and financial goals.