Discover Student Loans Survey Finds More Parents Expect Their Child to Help Pay for College
29 Luglio 2019 - 11:00AM
Business Wire
Parents continue to be worried about not
having enough money to help fund a college education
A new survey from Discover Student Loans finds that a growing
number of parents are expecting their child to help pay for more of
their college education. The findings from a survey of parents with
college-bound students aged 16–18 shows 38 percent expect their
child will pay for more than half of their college education,
compared to 31 percent in 2018. This year’s survey shows parents
will be contributing less toward their child’s education with only
28 percent of parents saying they will cover the entire cost, which
is down from 34 percent in 2018.
The survey also found that almost two-thirds of parents (65
percent) are worried about having enough money to help pay for
their child’s college education, up from 55 percent in 2018.
Despite their concerns, the majority of parents (70 percent) say
they are not limiting their child’s college choice based on
price.
Parents appear less willing or able to use savings, student
loans, college savings plans or other loans to help pay for their
child’s college education. Fewer parents (41 percent) are planning
to use savings to cover the cost of their child’s college, compared
to 51 percent in 2018. Thirty eight percent of parents plan to use
student loans, a decrease from 43 percent last year. More than half
(58 percent) are planning to rely on scholarships and grants to
help pay for their child’s college education.
“Our survey shows that more parents are now expecting their
children to share in the responsibility of paying for their own
college education, which reiterates the importance for parents and
students to have conversations about paying for college early and
often,” said Nicole Straub, vice president for Discover Student
Loans. “The good news is that these conversations are already
happening. Eighty percent of parents say they have discussed paying
for college with their child, and more than one-third of parents
said these conversations first started at the beginning of high
school.”
Most parents are worried about the impact paying for their
child’s college education will have on their financial situation.
Seventy-five percent of parents say they are concerned, at least to
some extent, how the cost of their child’s college education may
affect their own financial situation. In fact, more than one-third
of parents (35 percent) expect to give up vacations or
entertainment spending and 32 percent feel they may have to retire
later because of helping to pay for their child’s college.
“There are a number of options families can consider when trying
to pay for college. We encourage families to compare them and
choose what best fits their financial situation,” said Straub. “We
know the cost can feel overwhelming, so we recently lowered our
fixed and variable undergraduate student loan rates to help
families as they make their final plans. Students can save even
more if they choose interest-only repayment, which will help reduce
the cost of their loan.”
For more information about Discover Student Loans, please visit
www.discover.com/student-loans.
About the Survey
All figures, unless otherwise stated, are from a Dynata
(formerly Research Now/SSI) survey conducted on behalf of Discover
Financial Services. The survey was conducted online; fielded from
June 19 – 24, 2019, with a total sample size of 1,501 U.S. parents
of college bound students (ages 16 – 18). The margin of sampling
error was ±2.53 percentage points with a 95 percent level of
confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
equity loans, checking and savings accounts and certificates of
deposit through its direct banking business. It operates the
Discover Global Network comprised of Discover Network, with
millions of merchant and cash access locations; PULSE, one of the
nation's leading ATM/debit networks; and Diners Club International,
a global payments network with acceptance around the world. For
more information, visit www.discover.com/company.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190729005121/en/
Rob Weiss Discover Financial Services @Discover_News
robertweiss@discover.com 224-405-6304
Grafico Azioni Discover Financial Servi... (NYSE:DFS)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Discover Financial Servi... (NYSE:DFS)
Storico
Da Lug 2023 a Lug 2024