With COVID-19 causing many colleges and universities to go remote in an effort to curb the spread, a majority of parents take issue with paying full price for their children to attend classes online, according to the The Pittsburgh Post-Gazette.
The findings were included in the 14th annual survey by the College Savings Foundation.
According to The Post-Gazette, the survey found that most families (61%), said they experienced a shock to their finances that will affect their ability to cover college costs. In 53% of families, one income earner had lost a job or had income reduced, and 8% of families had a catastrophic experience with all sources of income lost. Only 40% of those families surveyed were financially unaffected by COVID-19.
The survey also found that amid the pandemic, many students had to pivot their career plans. Some students opted to attending a public school rather than a private school; while other students opted to community college vs. 4-year schools, while other students decided to take a gap year.
Therefore, 51% of parents told the College Savings Foundation they are not willing to pay full tuition for remote classes. An overwhelming 89% said traditional in-person universities should discount tuition if classes were offered only online.
Yet, the desire for parents to invest and save for the future of their children’s education has maintained – though they are more intentional about where and how to use the funds in this climate.