Parents less overwhelmed by cost of education, new survey finds
Parents feel less overwhelmed by the cost of college education for their children compared to last year, according to a new survey.
The survey, conducted by College Ave Student Loans and Barnes & Noble College Insights, found that 55% of families feel overwhelmed by the cost of higher education in 2021, up from 71% in 2020. The results were first reported. times by Business fox.
Almost 24 percent of survey participants also said they would borrow student loans on behalf of their children to help pay for their education, while about 34 percent of parents said they would cover the costs. using their savings, 16 percent said they would tap into their investment. active and 10 percent said they plan to appeal their financial aid award letter.
“The results of this survey prove just how determined students and their families are to achieve this college degree regardless of the unforeseeable circumstances of the past year,” said Joe DePaulo, co-founder and CEO of College Ave Student. Loans.
Parents were most surprised at the cost of tuition and college fees, with 81% of them saying they felt a ‘sticker shock’, while 77% said the same to About the cost of room and board.
About 61% felt a âsticker shockâ regarding the cost of tuition and activities.
The investigation takes place in the middle calls Department of Education officials urging President Joe Biden to extend the current federal student loan repayment hiatus until the end of January 2022.
The freeze on federal student loan payments, the accumulation of zero interest, and the failure to collect delinquent student loans are expected to expire on October 1.
“The break was designed to support borrowers affected by the pandemic and its economic impact,” an administration official said in a statement to Politics. âEvery day we are making progress in terms of [the] pandemic and [the] the economy is recovering. We understand that there are still impacts for individual borrowers / families. And ED works to make sure distressed borrowers are taken care of when payments are lifted. ”
This is not clear, however, whether the White House will listen to growing pressure from department officials, as well as congressional lawmakers to extend the hiatus. While some advisers support extending the relief, others fear that the continuation of the hiatus could hurt the country’s economic recovery.
The College Ave Student Loans and Barnes & Noble College Insights survey surveyed 1,045 parents.
Rachel Bucchino is a journalist at National interest. His work appeared in The Washington Post, US News & World Report and The hill.