Parents Growing Less Confident in Students’ Ability to Finish College; Families Worry About Financial Blow from Temporary Withdrawal
Of those surveyed, 46 percent of parents and 52 percent of students admit they are not familiar with the refund policy at their institutions. In fact, most parents (73 percent) and students (69 percent) can't remember seeing their college's refund policy or whether it was disclosed to them or not.
- Parents are less likely to be 'very confident' in their child's ability to finish college without having to temporarily withdraw (50 percent) compared with 2017 (55 percent).
- Meanwhile, 49 percent of students remain very confident they'll be able to finish college without taking a break (compared to 48 percent in 2017); with 46 percent anticipating completing their degree within four years.
- Parents and students might have different opinions on the time it'll take to finish a degree, but they do agree on how much it'll cost their family if a withdrawal is necessary. Eight in ten parents and students say that financial repercussions of withdrawing could be severe, with an expected loss to be about
$10,000 . Further, 80 percent of parents and 84 percent of students admit they'd be worried about having to make student loan payments in the event of a withdrawal.
"This year's College Confidence Index showed several disconnects between parents and children but agreement in their understanding of how much they're investing in an education and the financial risks of temporary withdrawal," said
To learn more about
Methodology: These are some of the findings of an Ipsos poll conducted on behalf of
Allianz Tuition Insurance* protects both in-state and out-of-state non-refundable college tuition in the event that a student withdraws from school for reasons that include covered illness, injury or psychological/mental disorders. One insurance plan will even provide coverage for almost any unforeseen reason that may cause a student to leave school.
*Terms, conditions, and exclusions apply. All plans not available in all states. Coverage and limits vary by plan selected. Depending on plan selected, withdrawal due to psychological/mental health disorders may be covered up to between 80%-100% of covered loss, subject to plan's maximum coverage limit. For plans that include Unforeseen Reason coverage, withdrawals under this coverage may be covered up to 50% of covered loss, subject to plan's maximum coverage limit. For a complete description of the coverage and specific benefit limits offered under your plan, carefully review your declarations page and insurance policy. . Plans are only available to
View original content with multimedia:http://www.prnewswire.com/news-releases/parents-growing-less-confident-in-students-ability-to-finish-college-families-worry-about-financial-blow-from-temporary-withdrawal-300684394.html
SOURCE
Business Insurance Market Research Report with Emerging Trends and Will Generate New Growth Opportunities Status During 2018–2023
EDITORIAL: Long-term solutions for pensions
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News