[October 18, 2017] |
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The Majority of College Students Are Surprised by the Cost of College, Finds College Ave Student Loans Survey
For high school seniors applying to colleges this fall, plan for the
education to cost more than you think, suggests a recent survey from
College Ave Student Loans by Barnes & Noble College InsightsSM.
The national survey of 1,107 undergraduate students finds that more than
half (56%) found college to be more expensive than they originally
planned, with 1 in 4 finding it to be much more costly. This is despite
the fact that the majority of students (73%) said they had weighed the
cost of the school before applying, and that it played a significant
role in the college decision-making process.
"Applying to colleges can be a stressful, emotional time for high school
students and their parents. Understanding the investment and your
options to cover the costs can help alleviate some of the uncertainty,"
said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. "At
College Ave Student Loans, we want to help families make decisions about
paying for school that fit their lives so they can feel confident about
the future. Don't get overwhelmed; just take it one step at a time."
To help reduce the surprises associated with the costs of college - from
the college tour to the first tuition payment - College
Ave Student Loans offers a financial roadmap for high school seniors
and their parents this fall:
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FAFSA: Fill it out now to maximize your financial aid package. According
to the College Ave survey, 43% would rather eat a bug, 28% would
rather not bathe for a month, and 13% would rather flunk a class than
figure out how to pay for college. While it's tempting to avoid it,
delaying the process could negatively affect the amount of aid a
student will receive.
As of October 1, the Free Application for Federal Student Aid (FAFSA) is
open for the '18-'19 academic year. This is one of the most important
financial documents for parents of high-school seniors - if your son or
daughter is headed to college next fall, you should e filling out the
FAFSA now. Some aid is first-come, first-served, and some schools
require your FAFSA to be completed before they'll consider you for any
aid - even merit aid - so your best bet is to get the FAFSA completed as
early as possible.
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Applying to college: Know the difference between the 'sticker' vs.
the 'net' price. Two-thirds of students (66%) will apply from one
to five colleges, and approximately 1 in 10 (13%) will apply to 10 or
more schools, finds the College Ave survey. Academics, followed
closely by the cost of the school, are the top two factors in
determining where students apply, according to the survey. However,
don't let the 'sticker' price of college scare you away from applying.
The sticker price isn't specific to an individual, and it doesn't
factor in any financial aid. The net price is what an individual
actually pays after factoring in merit and/or need-based scholarships
and grants. A strong financial aid package can make higher cost
schools more affordable, and it gives the student a range of options
to compare when award letters arrive.
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Paying for college: begin the frank discussion now. According
to the survey, students use a combination of the following to pay for
school:
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74% scholarships (grants, free aid)
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62% parent contributions
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55% student (myself) contributions
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47% federal loans
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13% private student loans
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10% federal parent loans
Involve your child in the college cost discussion now, and be honest
about what you can contribute. Have your child research financial
aid and scholarships, look at various housing options, and put
together a rough budget of what his or her expenses will be in
college. Be realistic about the costs and mindful not to take on
more than you can afford. A conversation now about the costs of
college and who will pay for each part can help eliminate surprises
down the road.
About the Survey The College Ave Student Loans survey was
conducted by Barnes & Noble College InsightsSM. The
national survey had 1,017 undergraduate student respondents and was
conducted September 16 - September 22, 2017.
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 with lenders who can provide that funding. By
specializing in student loans, we are able to give our customers the
attention they deserve and deliver loans that are simple, clear, and
personalized for the individual: we help you find your perfect fit. We
offer competitive rates, a wide range of repayment options, and a
customer-friendly experience from application through repayment. Visit: www.collegeavestudentloans.com.
About Barnes & Noble College Barnes & Noble College, a
Barnes & Noble Education company (NYSE:BNED), is a leading
operator of college bookstores in the United States. Barnes & Noble
College currently operates 781 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171018005017/en/
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