More than half of families plan to use student loans to pay for college tuition

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WILMINGTON, Del., Jul 26, 2021 / PRNewswire / – For many families who decide to tackle upcoming college expenses this fall, borrowing student and parent loans is an important part of their financial strategy. More than half (55%) of families will use student loans, according to a recent national survey. College Ave student loans Barnes & Noble College Insights survey of 1,045 parents… Of those who expect their child to borrow, about half (53%) expect them to borrow USD 10,000 To USD 40,000 the amount of loans.

Parents who contribute financially to their child’s college education overwhelmingly agree (85%) that getting a college degree is more important than ever. Perhaps that is why many of the interviewed parents are also willing to take full responsibility for obtaining loans for their child’s education. More than one in four (28%) expects to borrow a parental loan. Data on how much has been split – 23% plan to borrow somewhere from USD 10,000 To USD 25,000 while the same number (23%) plan to take loans USD 75,000 or more to help your child continue with college.

While more than half of parents saving for college were happy with their savings plan (53%), overall college tuition fees were still higher than many expected. Almost three quarters of families (72%) were surprised by the total cost. For about 1 in 3 (34%) families, college tuition fees went beyond their original budget. To help cope with the additional costs, 48% took student loans to cover the gap, and 30% relied on parent loans.

“Like other large investments we make over a lifetime, college tuition fees can incur additional costs that may not have been expected or have changed since the initial planning,” said Joe DePaulo, Co-founder and CEO of College Ave Student Loans. “The survey shows that student and parental loans are an important source of funding for families who urgently need funding to cover their education costs. With student or parental loans from College Ave Student Loans, families can worry less about funding and focus on their child’s ability. the future is ahead. “

When buying a student loan or parent loan, College Ave Student Loans offers the following tips:

  • Borrow federal student loans primarily addressed to the student, as they include benefits and protections that are not usually offered by private lenders. To access them, complete the Free Federal Student Aid Application (FAFSA). Federal student loans have loan limits, so private student or parent loans can help fill the gap.
  • Find a reliable lender to help you cover your college tuition costs. Research has shown that the average family will need to borrow more than USD 10,000 in student loans, and it is important to borrow these funds from a trusted and reliable lender. College Ave has been named Best for Student and Parent Loans by leading financial news sites. The site offers useful tools such as prequalification tool for assessing interest rates without a credit check, a three-minute application and resource page make the process of obtaining a student loan simple and easy.
  • Check out rates, repayment terms and fees and how they affect the overall cost of your loan. Some lenders may offer a lower interest rate if the maturity is shorter or if you make payments while you are studying. The fixed rates for College Ave student loans and parent loans start at a 3.34% annual interest rate with auto-pay discounts, and variable rates start at a 1.04% annual interest rate with auto-pay discounts. College avenue student loan calculator can help you estimate monthly payments depending on the amount and duration of the loan.
  • Save money with the right parental loan. No application fee or application fee for qualified borrowers College Ave Parent Loan can save money on federal PLUS parent loan. In addition, College Ave gives parents the opportunity to get up before USD 2,500 the loans go straight to the parents’ account to help control educational spending such as books, electronics, or dorm supplies.
  • Payment at school allows you to reduce the cost of the loan. Paying only US $ 25 a month can help save money in excess of the total cost of the loan. In addition, qualified borrowers can receive a 0.25% interest rate reduction with the College Ave automatic payment discount.

To find and learn more about the best student or parent loan option for you, visit Collegeavestudentloans.com

* Prices are valid as of 10.06.2021. Variable interest rates may increase after completion.

About the survey
The College Ave student loan study 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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