Students Worry About College Costs More Than Parents
Students are more sensitive to cost.
USA Today reports.
Students fret over college costs more than parents
Part of the problem with Americans’ insane amount of student loan debt is how many young adults get these loans without really grasping how much they will cost. More often than not, college-bound borrowers don’t have experience budgeting all the expenses that come after college, so it’s understandably difficult to comprehend how a $30,000 annual tuition bill will translate into post-graduate finances. Parents, who have that budgeting experience, would seem to have a better understanding of what all the numbers mean.
Despite that knowledge, parents were much less likely to eliminate a school from their kids’ lists of potential colleges because of cost than the students were, according to an annual survey from Sallie Mae. The 2015 How America Pays for College report includes data from April 2015 phone calls with 800 undergraduate students between the ages of 18 and 24 and 800 parents of undergraduate students of the same age. The margin of error is plus or minus 2.5 percentage points.
Among those surveyed, 50% of parents eliminated prospective colleges because of cost, but the practice was much more common among students: 74% took colleges off their lists for money reasons. Parents, in general, were a bit less worried about the financial aspects of going to college than they had been in recent years. For example, only 13% of parents worried that their kids won’t be able to find jobs after graduation, compared to the 27% of parents who said that last year.