WILMINGTON, Del., Aug. 7, 2019 /PRNewswire/ -- If you are a parent with a college-bound student, get ready for the extra expenses. From college tuition and fees to ride-sharing services, a recent study of 1,019 undergraduate students by College Ave Student Loans conducted by Barnes & Noble College InsightsSM highlights the far-reaching financial support of mom and dad. The survey found:
- 72% paid for their student's phone bill
- 65% paid for their student's health insurance
- 62% helped pay for the cost of college
- 39% gave their student $100 or more per month to help with daily expenses
- 14% paid for ride-sharing services
In addition, the majority of students (61%) found college costs to be more than they expected. And for some, the higher cost was substantial. Of those students who were surprised by the cost of college, nearly one-third (30%) said the cost was $10,000 or more than they anticipated. The most surprising costs? Books and supplies, followed by tuition and fees, then room and board, according to the survey.
"Our survey highlights that the unexpected costs of college can disrupt even the most well-thought-out college savings plans," said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. "For families looking toward student loans to help them cover a financial gap, College Ave Student Loans offers undergraduate and parent loans with flexible repayment plans – options that allow you to balance a student loan repayment with your other financial priorities."
To help families manage unexpected college costs, DePaulo offers the following tips:
- Encourage your student to borrow or buy used school textbooks and supplies. According to The College Board, the average books and supplies can cost $1,240 a year. For those in certain subject areas, like science, lab fees and materials can cost you even more. Look for ways to cut costs, such as borrowing textbooks or buying used textbooks for the upcoming semester.
- Make a budget with your student. The same report from The College Board found "other expenses" at school (not including tuition and fees, room and board, and books and supplies) can cost $2,120 on average. How will you or your child cover the extra expenses, like campus activities or dining out? By sitting down with your student, it allows them to see what the family can afford and what financial gaps may need to be covered by him or her. Taking advantage of student discounts, free campus activities or finding a part-time job are all options to discuss.
- Shop around for the right student loan. For families borrowing for the upcoming school year to help cover costs, the amount is unlikely to change year over year, according to the College Ave survey. Of those that borrowed, only 5 percent borrowed less the following year. If federal loans in the student's name don't cover the full cost, private student loans are one option to explore. Look for ones with good interest rates and great customer service, like those at College Ave Student Loans. One unique option? The College Ave parent loan also gives parents the choice to have up to $2,500 of the loan funds deposited directly in the parent's bank account for extra education expenses - a great way to help budget and manage spending for extra costs, such as for books, electronics, dorm supplies, and more.
For more information about ways to plan and pay for college, visit the resources at College Ave Student Loans: https://www.collegeavestudentloans.com.
About the Survey
The College Ave Student Loans survey was conducted by Barnes & Noble College Insights SM. The national survey had 1,019 undergraduate student respondents and was fielded in April 2019.
About College Ave Student Loans
College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. As a fintech lending company with a sole focus on private student loans, we're using technology and our deep industry expertise to connect families who need to cover education costs with lenders who can provide that funding. By specializing in student loans, we are able to give our customers the attention they deserve and deliver loans that are simple, clear, and personalized for the individual: we help you find your perfect fit. We offer competitive rates, a wide range of repayment options, and a customer-friendly experience from application through repayment. Visit: www.collegeavestudentloans.com.
About Barnes & Noble College
Barnes & Noble College, a Barnes & Noble Education company, is a leading operator of college bookstores in the United States. Barnes & Noble College currently operates 772 campus bookstores and the school-branded e-commerce sites for each store, serving more than 5 million college students and faculty nationwide. General information on Barnes & Noble College can be obtained by visiting the Company's website: www.bncollege.com.
SOURCE College Ave Student Loans