Quality four-year institutions are going to do their best, she said, to provide a good experience for students in the year ahead despite the pandemic.
It may be better to stay on track, Ms. Thompson said, than to delay starting college, especially since jobs and structured gap-year programs may be difficult to come by in the coming year for students who defer admission. “What is there to do?” she said.
And if a parent — or both — has lost a job, “that changes the decision-making process,” said Jayne Caflin Fonash, an independent college counselor and president of the National Association for College Admission Counseling.
With a tighter financial outlook, families may have to consider borrowing more money. “That’s a big decision to make,” Ms. Fonash said.
She urged students to obtain loan details from the financial aid office and to make sure they understood the cost of borrowing. Alternatively, some students may be considering attending a less expensive four-year college — perhaps one closer to home — or even a community college.
About 65 percent of students graduating from college in 2018 had student debt, owing an average of $29,200, according to the Project on Student Debt at the Institute for College Access and Success.
Here are some questions and answers about student loans:
How much can I borrow for college?
There are limits on how much a student can borrow in federal direct loans. Undergraduates generally may borrow $5,500 to $7,500 annually, depending on their year in college. (Limits are higher for independent students.)
Article source: https://www.nytimes.com/2020/05/22/your-money/coronavirus-interest-rates-college-loans-federal.html
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