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
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 InsightsSM, 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.
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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.”
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