New Survey Highlights Students' Financial Contributions to Their College Education
WILMINGTON, Del., April 27, 2021 /PRNewswire/ -- National College Decision Day is May 1, 2021, the date millions of soon-to-be college freshmen will make the important decision on where to attend school. With deposits sent in with signed letters of intent, it also signals the start of college payments. For many families, the plan of how to pay for college is clear: nearly 7 out of 10 (68%) students said they knew how they would fund their college education before committing to their school, according to a new survey of 1,001 undergraduate students from College Ave Student Loans conducted by Barnes & Noble College InsightsTM.
The majority of students (78%) said parents involved them in the discussion on how to pay for college. As the survey found, many college funding scenarios involve financial contribution and commitment from the student. Of the top five ways families report on how to pay for college, four require the student's financial involvement: scholarships and grants (59%), student's savings and/or income (43%), federal student loans (40%) and the work-study program (12%). Parent's savings and/or income (57%) still ranks as a main method used by the majority of families. Half of students who help pay for their own education contribute up to of $5,000 to their college savings every year, while 13% say that number ranges from $5,000-$10,000.
The survey also sheds light on student borrowing. Around 4 out of 10 (42%) students expect to borrow to help cover college costs. Of those who plan to borrow, 44% expect to borrow anywhere from $10,000-$30,000 in student loans by the time they graduate. Around half (52%) plan to tackle student loan repayment themselves, while 36% expect a little help from their parents. Overall, the majority of students (67%) feel confident they will be able to pay back their student loans, with students motivated to quickly look for a job upon graduation (78%) and land a job where student loan repayment is part of the benefits package (43%).
Though college costs rank as the top concern for students (ahead of grades and mental health), students agree that the ticket price is worth it: 88% said a college degree is necessary for them to be successful in their career.
"Our recent survey highlights the incredible commitment students make to investing in their potential and future," said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. "The survey shows the many ways students contribute to their higher eduction costs and how they are dedicated to obtaining a college degree to help them reach their future goals."
The survey also looked at what paying-for-college advice college students had for high school seniors. Here are their top tips:
For additional helpful content, savings strategies, and insight from college and personal finance experts, visit the College Ave Blog.
About the Survey
About College Ave Student Loans
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.
SOURCE College Ave Student Loans
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