June 16, 2020
Faced with COVID-19 Challenges, College Students Seek More Financial Options to Pay for Higher Education Costs
Latest study from College Ave Student Loans provides an updated snapshot of how college students are financially impacted by COVID-19
(Wilmington, DE) June 16, 2020 – The challenges and unpredictability surrounding COVID-19 have left many college students and their families looking for additional ways to cover higher education costs, according to a College Ave Student Loans survey. The national College Ave Student Loans survey of 1,057 current college students conducted this May by Barnes & Noble College Insights℠, found 41% of students feel less confident in their ability to afford college now as compared to before the COVID-19 pandemic. More than two-thirds (69%) said their financial well-being has been impacted.
Close to half (44%) said COVID-19 has changed their or their family’s original college financing plans. Of those who were affected:
- 56% will need to borrow more
- 46% are researching more scholarships
- 43% will use more of their family’s savings
- 40% will need to work more than one job
- 22% have asked the financial aid office for more money
- 10% will charge tuition to a personal credit card.
“There is no doubt that the COVID-19 pandemic has impacted the college financial plans of families across the country,” said Joe DePaulo, Co-Founder and CEO of College Ave Student Loans. “The survey highlights the flexibility and creativity families will employ to meet the financial challenges ahead. While there may be many unknowns in the coming months, students remain determined to find resources to help them achieve their higher education goals.”
Similar to the undergrad survey last year, merit aid and scholarships, parent savings and income, federal student loans, child’s savings and income and private student loans are the top five ways families plan to pay for the upcoming school year. The biggest changes year over year – more families plan to borrow federal loans in 2020 (51% vs. 43% in 2019) and rely more on the child’s savings and income (45% vs. 37%).
Although merit aid and scholarships slightly decreased year over year (61% in 2020 vs. 64% in 2019), more than three-quarters of students in the 2020 survey (76%) wished they would have researched more scholarships. Now more than ever is the time to look for last minute scholarships. One easy one to apply for is the $1,000 Scholarship Monthly Sweepstakes from College Ave Student Loans. Each month, students can enter for a chance to win $1,000 toward their college costs.
For students and families looking for ways to navigate the financial road to college, explore the resources, research, guides and financial expert advice at: https://www.collegeavestudentloans.com/blog/.
About the Survey
The College Ave Student Loans survey was conducted by Barnes & Noble College Insights℠. The national online survey of current college students who attend a 4 year college or university at one of the campuses served by Barnes & Noble College had 1,057 respondents and was fielded in May 2020. Last year, Barnes & Noble College Insights conducted more than 50 research studies and 100+ survey polls of students, faculty and parents that interact with one of its 772 campus bookstores across the nation.
About College Ave Student Loans
College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. As a fintech lending company with a sole focus on private student loans, we’re using technology and our deep industry expertise to connect families who need to cover education costs. By specializing in student loans, we are able to give customers the attention they deserve and deliver loans that are simple, clear, and personalized for the individual.
About Barnes & Noble College
Barnes & Noble College, a Barnes & Noble Education company, is a leading operator of college bookstores in the United States. Barnes & Noble College currently operates 772 campus bookstores and the school-branded e-commerce sites for each store, serving more than 5 million college students and faculty nationwide. General information on Barnes & Noble College can be obtained by visiting the Company’s website: www.bncollege.com.
Emily Hollenbeck, Duffy & Shanley, Inc., firstname.lastname@example.org, (401) 278-4432