Due to the “Pandemic of 2020,” and the drastic market downturn, furloughed workers, and record numbers of unemployed Americans, a high percentage of families lack confidence in their ability to cover their portion of the annual cost-of-attendance at their schools of choice.
According to a NitroCollege.com poll of 6,500-plus high school seniors and their families, almost 70% of families say “…Covid-19 has impacted their ability to pay for school.”
According to another report by LendingTree, almost “…40% of families have tapped their child’s education fund to help cover expenses due to the economic fallout…”
A highly surprising statistic – – fewer families applied for financial aid.
Many families typically fail to file the Free Application for Federal Student Aid (FAFSA) because they feel they won’t qualify. They already count themselves out of the running. Failing to file can be a huge mistake.
Yet, costs continue to rise. Across the country, the average annual cost at a four-year private institution was slightly less than $50,000, while the average at four-year in-state institutions was slightly less than $22,000.
Scholarships, grants, and awards tied to the FAFSA filing likely will be needed by a large number of families. If you haven’t filed the FAFSA, do so immediately. If you have already filed, but have experienced a financial shock, contact your desired school to discuss your circumstances and request more aid.
With schools contemplating offering online classes only, many students are reconsidering their options, especially accepting the offer of admission, but deferring enrollment until they can expect the true college experience.
They may be desperate to hit enrollment numbers and may be very open to negotiations.
Do you have any idea how your college planning campaign may be affected? Will the schools in which you’re most interested be able to provide the financial aid for which you qualify? Will your child be in the best position for purposes of application and admissions? How will you know if you’ve addressed every facet that could affect your campaign?
You may need assistance with a number of aspects of your college planning campaign. Our professional college planners are here to help.
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