More Students Try to Use Scholarships to Pay for School Instead of Student Loans

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Students Try to Use Scholarships to Pay for School Instead of Student Loans
Students Try to Use Scholarships to Pay for School Instead of Student Loans - Credit: Shutterstock
Students Try to Use Scholarships to Pay for School Instead of Student Loans
Students Try to Use Scholarships to Pay for School Instead of Student Loans – Credit: Shutterstock

As student loan debt climbs into the trillions, many students said they sought out grant and scholarship assistance to pay their way through college, according to a survey.

A recent survey by College Ave Student Loans of more than 1,000 students and conducted by Barnes & Noble College Insights suggests that most students turn to grants and scholarships before taking out student loan debt. The survey found that of the students surveyed, about 64 percent paid for their college expenses with scholarships and grants with parent income and savings coming in second at 50 percent.

“Our survey highlights the resourcefulness of families when it comes to paying for college,” said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. “College is one of the biggest investments a family can make for a child’s future, and this survey points to the fact that the majority of families really take advantage of scholarships and grants and work together to create a path forward for financial success.”

One thousand students may not be indicative of the millions going into college for the 2019-2020 school year, but it provides a small indicator that students are looking for ways to get education cheaper. Paying for higher education is more expensive than ever and families must look for new ways to afford college. Scholarships and grants provide students the opportunity to get more affordable education, and they are not only offered through the institutions that students choose to go through. Many scholarships and grants come from nonprofits, businesses and even contests and sweepstakes. According to the survey, the biggest worry weighing on students’ minds is how they will afford the cost of college.

However, DePaulo said that being aggressive about scholarships can help students succeed in affording to pay for higher education.

“Ninety percent of families who received merit aid, received it during their first year of school,” DePaulo said in a press release. “Of the merit aid received, 77 percent said it was in the form of a scholarship, and 86 percent of scholarship awardees received their first scholarship their senior year in high school. It’s never too late to look for free money. An easy one to apply for is the College Ave Student Loans $1,000 Monthly Scholarship Sweepstakes.”

DePaulo also said that students should look and research scholarship opportunities available to them.

“Merit aid can contribute significantly to covering college costs and is money that doesn’t have to be repaid,” DePaulo said in a press release. “For those who used merit aid, approximately one in five (22 percent) said the amount was more than $15,000.”

Students should also reach out to their respective financial aid offices, research their student loan options and find work during the summer to pay for their education.

Source: Yahoo Finance

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