More than a quarter of parents to prospective college students feel that their children are not ready for college. While this may not be surprising, the parents are not ready to pay the tuition fees themselves.
Financial constraints of the pandemic
A recent study revealed that parents feel like their kids are not ready for the academic load (54%), the emotional load (44%), and the mental stress (49%) that come with higher education. Additionally, a shocking 70% of parents are concerned about paying the tuition fees for college this year due to the economic effects of COVID 19.
The survey by OnePoll, which brought together 2,000 American parents of current college students or children entering college, reveals that 76% have already begun discussing with their kids about paying for school. The poll was commissioned by College Ave Student Loans and discovered that, on average, parents expect the total cost of college, including tuition, books, rooms, and board, to exceed $26,000 annually.
More than 86% of parents with kids in high school have discussed their transition to college. Those discussions included time management (69%), good study habits (80%), and budgeting (62%). More than a fifth of the parents (21%) said they would cover more than half of their kid’s college expenses, while more than two-thirds (68%) expect the children themselves to meet about a third of the bill.
More than half of American parents (57%) are confident that their children are knowledgeable on how to manage their college finances.
Joe DePaulo, CEO and founder of College Ave Student Loans explains that college is one of the most significant investments in the child’s future. He adds that a family discussion on how to finance college expenses can set the child up for success now and in the future.
Scholarships and living at home
For families seeking to save money through budgeting, most parents agree that living at home (65%) and applying for scholarships (66%) are the best ways to go about it. If they plan to attend a four-year college, they will apply for at least four scholarships.