Most college students plan to return to school in the fall, and they feel comfortable doing so, according to a report released Tuesday.
The report from Sallie Mae and Ipsos, a market research company, found that more than 60 percent of families believe that the COVID-19 pandemic will not have a long-term impact on their student’s education. Only 7 percent of students have decided to take time off or enroll in a different college or university. Sallie Mae, the student loan company, has released a version of its “How America Pays for College” report for 13 years.
More families than ever have a plan to pay for college, the survey found. Fifty-eight percent of families report having a plan during the 2019-20 academic year, compared to 44 percent of families in the 2018-19 academic year. Families spent an average of $33,017 in the past academic year — more than a third of families used a college savings account. More than 40 percent of a student’s college costs are paid for by the parents. A quarter of costs are funded through scholarships and student aid, 13 percent are paid through student borrowing, and 8 percent are paid through a student’s income and savings.
Only 71 percent of families filed the FAFSA during the 2019-20 academic year, compared with 83 percent two years prior.