College Ave Student Loans Study Finds Parents Are More Confident About Paying College Tuition In 2021

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WILMINGTON, Del., June 22, 2021 / PRNewswire / – Families Markedly More Confident in Financing Higher Education Spending in 2021, According to New College Ave student loans Barnes & Noble College Insights survey of 1,045 parentsTM… While about half (51%) of parents who pay for college agree that the pandemic has negatively impacted their finances compared to 2020, fewer families need to cover the deficit with savings (34% vs. 51% in 2020) and student loan borrowing (24%, up from 45% in 2020). Twice as many families plan to use investment assets (16%, up from 8% in 2020), and 1 in 10 (10%) plan to appeal their financial aid letter. Perhaps this is why fewer families this year report not being happy with the cost of college, down to about half compared to nearly three quarters of respondents in 2020 (55% versus 71%).

“The uncertainty resulting from the COVID-19 pandemic has created financial problems for so many families,” he said. Joe DePaulo, Co-founder and CEO of College Ave Student Loans. “However, this new study convinces us that there is a light at the end of the tunnel, and more families are optimistic about their college funding plans. The results of this survey show how determined students and their families are to pursue this degree in college, despite last year’s unforeseen circumstances. ”

The survey results also highlight that the “sticker shock” that many parents experienced in the past year will diminish in 2021. Fewer families were surprised by the cost:


2021

Feb 2020

College Tuition Fees

72%

81%

Accommodation and meals

68%

77%

School fees and activities

45%

61%

Books and accessories

44%

57%

Personal expenses of the child

34%

51%

With tuition fees approaching, College Ave is encouraging college applicants and their families to explore all college funding options. There is no one size fits all approach. When creating a college funding plan, consider:

  • Filling out the FAFSA form to determine how much financial assistance you are eligible for. If your household income has changed as a result of the COVID-19 pandemic, contact the Financial Assistance Office to see if you are eligible for an adjustment to your financial assistance package.
  • Continue to apply for the scholarship, as 1000 USD monthly scholarships from College Ave.
  • Find out how you can contribute current income and savingsand be creative. According to the survey, 14% of families plan to use their incentives, and 10% plan to find a part-time job or a second job.
  • Consider ask your child to contribute… Half (51%) of parents expect their child to find a job while in college. Also check to see if your school offers a tuition fee plan that will help break down the cost into smaller payments instead of a lump sum.
  • If you find that you still have a gap, student loans are an option and way to get immediate funding for college education. Use federal loans in the student’s name first, as they have certain protections and benefits that are usually only available through a federal program. If you still have a gap, private loans like the ones offered College Ave student loans can help cover deployment costs. Be sure to include a lender like College Ave that offers good rates and flexible repayment terms to suit your family’s budget.

For more information on how to plan and pay for school, visit Collegeavestudentloans.com

About the survey
The College Ave student loan survey was conducted by Barnes & Noble College Insights.TM… National online survey of parents of undergraduate students attending a four-year college or university on one of the campuses served by Barnes & Noble college had 1,045 respondents and was referred to May 2021… Last year, Barnes & Noble College Insights conducted over 50 studies and over 100 surveys of students, faculty and parents who interact with one of more than 700 campus bookstores nationwide.

About College Ave student loans
College Ave student loans began with a big vision and a simple mission to relieve the stress of college tuition fees so that students can focus on preparing for a brighter future. Currently a leading financial technology lending firm, College Ave remains committed to leveraging best-in-class technology and deep industry expertise to deliver practical and personalized solutions that give young people a quick head start on their journey to financial success. We offer best-in-class products at competitive prices and customer convenience from start to finish. Visit: www.collegeavestudentloans.com

Student Loans SOURCE College Ave

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