63% of Parents Surveyed Agree Their College Plans Have Returned to What They Were Before the Pandemic
12 Luglio 2021 - 12:00PM
Business Wire
Nearly two thirds of parents are still worried
about having enough money to help pay for their child’s
education
After a difficult year navigating remote learning and changing
expectations of what college may look like amid the pandemic, a
national survey from Discover® Student Loans revealed families’
feelings about the college experience are now returning to
“normal.”
Sixty-three percent of parents responded to the survey saying
their child’s post-high school plans have returned to what they
were before the pandemic. Of those who altered their college plans
since the start of the pandemic, most say they will now attend a
school closer to home (18%), an online university (10%) or go to a
less expensive school then initially planned (8%).
Parents’ ability to help their child pay for college has also
started to rebound. Forty percent of parents say their ability to
help pay has improved since this time last year. As another
encouraging sign for families, of those parents who are worried
about paying for college, just 19% say they lost money because of
the COVID-19 pandemic in 2021 – down from 30% who said they lost
money in 2020.
“After a challenging year for students and their families, we’re
encouraged to learn that college plans are returning to normal for
most, and that fewer families are feeling the financial impact of
the pandemic,” said Manny Chagas, vice president of Discover
Student Loans. “As we slowly start to put the pandemic behind us,
college still remains a large financial decision and it is
important families continue to plan and discuss their ability to
pay for college early and often.”
Parents plan to pay for more of their child’s college than
they have in the past, but anxiety remains.
Nearly three-in-four parents (73%) say they will pay for half or
more of their child’s education. And, 43% of parents say they will
not limit their child’s college choices based on price, up 10
percentage points from 2018.
Despite the increasing willingness to help their child, paying
for college remains a concern for parents. Overall, 63% of parents
say they are still worried about having enough money to help pay
for their child’s education. Most parents are worried their child
is not receiving enough in financial aid (55%) or scholarships
(49%).
This anxiety is felt by their students as well. Thirty-eight
percent of parents say paying for college is the child’s top
anxiety about attending college, followed by applying for
scholarships and financial aid (30%). These concerns with financing
college outranked choosing a major (28%) and attending more
difficult classes (26%).
Families are working together to find a plan to pay for
college.
Over half (59%) of parents say the pandemic caused them and
their student to have more candid conversations about how their
family will pay for college. While 41% of parents don’t feel like
they started saving early enough, up from 37% in 2019, most are
planning to leverage a mix of resources to finance college.
When asked how they were going to finance college, 61% of
parents say the pandemic has not impacted how they plan to pay.
Scholarships/grants (47%), savings (45%) and student loans (37%)
continue to be the most popular financing options among parents.
Notably – 11% of parents report they will forego saving for their
retirement to help their student pay for college.
“It’s important that parents and students discuss how the cost
of college is getting split in a way that’s realistic and
comfortable for all involved,” Chagas added. “Utilizing free online
tools and resources, like budgeting calculators and planning
calendars, can help families make smarter college financing
decisions.”
For more information on free tools and resources from Discover
Student Loans, visit
https://www.discover.com/student-loans/calculators.
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
May 10 – May 15, 2021 with a total sample size of 1,000 US parents
of college bound students. 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 digital 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
loans, checking and savings accounts and certificates of deposit
through its 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.
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Sheetal Shah Discover sheetalshah@discover.com 224-405-0297
@Discover_News
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