Financial Aid Applications More Stressful Than Applying for College
Nearly three out of four (71%) parents and students find the student loan process more stressful than applying for college, according to a recent study. More than half (52%) said they do not fully understand the student loan process.
The Citizens Bank study, which surveyed 2,000 Americans 18 and older, found Millennials in particular find the process confusing (74%) and stressful (76%). More than half (53%) of Millennials and 60% of parents said the lengthy, unclear paperwork was the primary source of confusion and stress, and many did not understand the legal and financial terminology.
Most respondents (81%) said they would find the process less stressful if they could speak with a financial expert about the student loan application.
“Students and families today are grappling with the rising cost of college and many don’t know where to begin when it comes to navigating the financial aid process. While going off to college is an exciting time, figuring out how to fund an education can be daunting,” said Christine Roberts, Head of Student Lending at Citizens Bank. “Talking to someone who is experienced with the financial aid process is one of the best ways to be prepared and to alleviate the stress that comes from not understanding your options, but many people don’t think to ask their financial professional or banker for advice.”
The study also found 75% of all Americans and 80% of Millennials worry about the ability to pay back their student loans.