Poll: Parents Concerned About Funding – OnlineBusinessDegree.org
A recent survey by Sallie Mae reveals that though 75% of parents are excited about their children beginning college this fall, 60% find funding their education the most difficult part of sending them.
As far as financial confidence, the survey shows that one in three parents is financially prepared for their child to begin college, 50% plan to navigate finances as they occur, and 20% have concerns or misgivings about paying for college.
While more than 25% of parents say they’ll contribute to their children’s college costs unconditionally, some parents will ask their children to meet certain expectations. Forty percent want their children to maintain a minimum GPA, 19% will require their child have job, and 18% will require their child to make financial contributions.
Sallie Mae offers the following suggestions for parents of college freshmen and returning college students:
- Apply for federal aid.
- Pay as you go.
- Educate yourself on the best borrowing options.
- Use financial aid refunds wisely.
- Safeguard your tuition investment.
- Set expectations with your college-bound kid.
The survey was conducted online between May 10-12, and included responses of 518 parents with a high school senior beginning college fall 2012.