AUSTIN, Texas — A new survey has revealed that the vast majority of college students are concerned that they won't be able to pay for school.
According to a July survey of over 9,000 high school and college students through the company ScholarshipOwl, 92% of respondents were concerned that they won’t have enough funds to pay for the upcoming fall semester, which in turn is forcing students to consider a variety of additional funding sources, including shouldering more debt.
Jennifer Finetti, the director of student advocacy with ScholarshipOwl, said the best way for students to be able to afford this fall semester is to have income.
"That can be income from a job, which I highly recommend that all students who are 16 and older get an after school job so that they can earn more money throughout the school year, work full-time during the summer," Finetti said.
It's also important for students to prioritize applying for scholarships. Finetti said it's amazing how much scholarship money is out there and that students don't spend enough time looking for it.
"We recommend that students apply for three scholarships per week year-round. I know that sounds really daunting. It's not always going to be achievable, but if you aim for that, you're going to find yourself really improving your odds of winning," Finetti said.
Parents are encouraged to sit down with their children and let them know how much money they've saved and how much money is available throughout the school year to help pay for college.
"Informing your student is going to be the best way for them to understand what their options are and also what is available to them and what they have to make up for with their own income efforts," Finetti said.
Many students may consider taking out student loans, too. While student loans are an option, Finetti believes they should only be a last resort.
"Debt-free sources like regular income from a job and scholarships and federal and state grants that you can get through the FAFSA are far better if you do decide you want to pursue getting a student loan. I highly recommend that you get a federal student loan rather than a private student loan." Finetti said.
There are several ways students can find scholarships. They can find local ones in their own community by talking with their guidance counselor, or they can talk to a career center associate if there's one available on campus.
"They should also be applying for scholarships offered directly by the universities that they're applying for or the one they're currently attending and there are so many third party external scholarships," Finetti said.