Students Ready to Return to College, Report Finds
Emma Whitford
July 29, 2020
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.
