For students and families, this is welcoming news. As recent as last week, 64% of incoming and returning college students surveyed by The Chronicle of Higher Education indicated a strong desire to be back on campus. For parents, questions remain, many associated with the health of students as well as the cost to attend. Those related to social distancing and the use of masks will need to be defined; the return to campus will likely mean that cost will remain. Adjustments associated with financial aid appeals tied to COVID-19 and a family’s ability to meet tuition costs should remain ongoing; however, students and families need to prepare for the arrival of the first-semester college bill.
Students attending institutions where online learning will continue through the fall semester should be contacting their college or university to confirm college costs.
Paying the Bill
Due to the current pandemic, students and families should be analyzing their plan to pay the college bill. Parents should investigate all concerns related to changes in employment, income, and other credit-related needs that could affect consumer borrowing.
In 2008, the last time we experienced an economic credit concern, many educational lenders pulled out of the private student loan marketplace. Many families experienced a ripple effect causing problems over secure critical resources to assist with meeting college costs.
We do not anticipate this happening as a result of COVID-19; Credit criteria, lender access, and overall availability of resources may be subject to change in the coming months.
Students and families who may require financing resources should calculate their net educational costs, gap, and, if needed, complete education loan applications early. Federal and private education loans are common resources used by first-year and returning college students/families. Students and families should consult with their college or universities financial aid website for information on the use of educational loans
Health Insurance: Students who will continue under the family health insurance plan should sign and submit a WAIVER to avoid being charged by the school.
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