The survey also reveals that 61% of families fear that inflation will affect their ability to pay for their education; incorporate college funding into the fall application discussion
WILMINGTON, Del., November 8, 2022 /PRNewswire/ — For parents of high school students, fall kicks off the college admissions journey, with shrinking college listings, applications, essays, tests and major financial aid forms . For families beginning the college journey, a recent College Ave survey of parents of undergraduate students conducted by Barnes & Noble College Insights™ highlights what parents can expect and how to financially prepare your high school (soon to be freshman):
- Get organized. Although most parents (90%) said their student would likely apply at up to 10 schools, 31% of parents said their student applied between 6 and 10 schools. And if they’re applying to that many schools, there are multiple admission, financial, and test dates to be aware of. Make sure you and your child stay above these.
- Enjoy this time. Surprisingly, few families found the college admissions process stressful. Less than a third (31%) found it stressful to complete college applications, and less than one in four (23%) found it stressful to create a list of colleges. In fact, more than half (57%) enjoyed helping their child with their college essays.
- Don’t ignore financial factors. When it came to making the decision to choose the school, the main factors were the academic majors, the location of the school, and the campus environment. These three factors were ranked first while overall cost and a good financial aid package ranked last out of 7 factors. Perhaps that’s why the cost of a college education took nearly 7 in 10 (71%) families by surprise, according to the survey. Especially with the current market – 61% of parents fear inflation will affect their ability to pay for college – families should include how they plan to pay for college as part of their conversation when applying to schools.
“Fall is an exciting time for many families as they begin the college admissions journey,” said Joe DePaulo, co-founder and CEO of College Ave Student Loans. “When parents in the College Ave survey were asked what were the top three words that came to mind about their child’s college education, they said ‘important’, ‘necessary’ and ‘ dear.” Our survey highlights how much families value a college degree, as well as how it could help and alleviate financial surprises from having financial conversations as families begin to make their college rosters. “
In addition, the survey also asked parents of current students for their top tips for parents of college-bound children:
- Encourage your child to apply for more scholarships: 79% of respondents I agree. More than half (52%) of parents said they had difficulty finding college scholarships for their child. So they encourage their peers to take the time to contact local organizations or their child’s high school guidance counselor for help. An easy scholarship to consider is that of College Ave $1,000 monthly raffles.
- Complete the Free Application for Federal Student Aid (FAFSA): 72% of respondents I agree. Of the families who received grants and scholarships, 30% said they were part of their child’s financial aid package, which they probably wouldn’t have received if they hadn’t completed the FAFSA. The FAFSA form for the 2023-2024 season academic year became available October 1, 2022 – be sure to complete it as soon as possible as some aid is first come, first served.
- Be prepared for unexpected costs: 71% of respondents I agree. According to the parents surveyed, more than one in three found the costs associated with school and activities, their child’s out-of-pocket expenses, books and supplies to be more than they had originally anticipated.
- Consider affordability when looking at schools: 44% of respondents agree and 59% of parents said they go to up to five colleges to make sure certain schools are within your budget.
To learn more about how you can better prepare yourself financially for college, visit: www.collegeavestudentloans.com.
About College Ave Student Loans
College Ave Student Loans started with a big vision and a simple mission – take the stress out of paying for a college education so students can focus on building a bright future. Now one of the leading fintech lending companies, College Ave remains committed to using best-in-class technology and deep industry expertise to provide 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 undergraduate students attending a 4-year college or university on one of the campuses served by Barnes & Noble College had 1,043 respondents and was aligned in September 2022. Last year, Barnes & Noble College Insights conducted more than 50 research studies and more than 100 surveys of students, faculty, and parents who interact with any of its more than 770 campus bookstores across the country.
SOURCE College Ave Student Loans