Survey also finds 61% of families worried that inflation will affect their ability to pay for college; make financing college part of the fall application discussion
(Wilmington, DE) November 8, 2022 – For parents of high school seniors, fall kick starts the college admissions journey, with narrowing of college lists, applications, essays, tests and important financial aid forms. For families who are beginning the college journey, a recent College Ave survey of parents of undergraduates conducted by Barnes & Noble College Insights highlights what parents can expect and how to financially prepare your high school senior (soon-to-be college freshman):
- Get organized. While most parents (90%) reported their student will likely apply up to 10 schools, 31% of parents said their student applied anywhere from 6 to 10 schools. And if they’re applying to that many schools, there are multiple school admissions, financial and test deadlines to know. Make sure you and your child stay on top of these.
- Enjoy this time. Surprisingly few families found the college admissions process stressful. Less than a third (31%) found filling out college applications stressful, and less than one in four (23%), found it stressful to create a college list. In fact, more than half (57%) enjoyed helping their child with their college essays.
- Don’t ignore financial factors. When it came to making the school choice decision, the primary factors were academic majors, location of the school and campus environment. These three factors were ranked highest while overall cost and good financial aid package ranked the lowest out of 7 factors. Perhaps this is why the cost of college took nearly 7 out of 10 families (71%) by surprise, according to the survey. Especially with the current market – 61% of parents are worried that inflation will affect their ability to pay for college – families should include how they plan to pay for college as part of their conversation when applying to schools.
“The fall is an exciting time for many families as they begin the college admissions journey,” said Joe DePaulo, Co-Founder and CEO of College Ave Student Loans. “When parents in the College Ave survey were asked the top three words that came to mind about their child’s college education, they said, ‘Important,’ ‘Necessary’ and ‘Expensive.’ Our survey highlights how much families value a college degree, as well as how much it could help and lessen financial surprises to have financial conversations as families begin to make their college lists.”
In addition, the survey also asked parents of current college students their best advice for parents of college-bound children:
- Encourage your child to apply for more scholarships: 79% of respondants agree. More than half (52%) of parents said they had difficulty finding college scholarships for their child so they encourage their peers to take the time to reach out to local organizations or their child’s high school guidance counselor for support. An easy scholarship to consider entering is College Ave’s $1,000 monthly sweepstakes.
- Fill out the Free Application for Federal Student Aid (FAFSA): 72% of respondants agree. Of those families who received grants and scholarships, 30% reported they were part of their child’s financial aid package, something they likely would not have received had they not filled out the FAFSA. The FAFSA form for the 2023-2024 acedemic year became available October 1, 2022 – make sure to fill it out as soon as possible as some aid is first come, first served.
- Be prepared for unexpected costs: 71% of respondants agree. According to the surveyed parents, more than 1 in 3 found the costs associated with school and activities, their child’s personal expenses, and books and supplies to be more than they originally budgeted.
- Consider affordability when looking at schools: 44% of respondants agree and 59% of parents said to apply to up to five colleges to ensure some schools are within your budget range.
To learn more about how you can better prepare financially for college, visit: www.collegeavestudentloans.com.
About College Ave Student Loans
College Ave Student Loans started with a big vision and a simple mission – take the stress out of paying for college so students can focus on preparing for a bright future. Now a leading fintech lending company, College Ave remains committed to using best-in-class technology and deep industry expertise to deliver practical and personal solutions that give young adults a running start on their roads to financial success. We offer best in class products with competitive rates and a customer-friendly experience from start to finish. Visit: www.collegeavestudentloans.com
About the Survey
The College Ave Student Loans survey was conducted by Barnes & Noble College InsightsTM. The national online survey of parents of undergraduate students who attend a 4-year college or university at one of the campuses served by Barnes & Noble College had 1,043 respondents and was fielded in September 2022. 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 more than 770+ campus bookstores across the nation.