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Survey Finds 6 out of 10 Families’ Budgets Affected by the COVID-19 Pandemic, Including Plans to Fund College
The COVID-19 pandemic has created an unpredictable financial environment for many families. For 6 out of 10, that means changes to their household budget, according to the latest College Ave Student Loans survey of 1,141 parents of college students conducted by Barnes & Noble College InsightsSM. Despite the unexpected impacts, the majority (72%) of parents who plan to help pay for their child’s education are still confident about their overall payment plan.
College Ave surveyed parents in January and again this June with personal finance site HerMoney.com to get a snapshot of how the pandemic has affected college financing plans. The survey found that while the approach to paying for college has changed since the beginning of the year, families still deeply value a higher education degree.
Impact of the pandemic on family finances
More than half of families (56%) said the pandemic has negatively affected their finances. Of those, 58% have had to dip into their savings more than expected, 43% delayed big spending purchases and 29% have relied more on credit cards. Many families have faced job uncertainty – 25% report a parent in the house has been furloughed, lost a job (14%) or has had to close a business temporarily or permanently (12%). Of those who will need to borrow more than previously planned as a result of the pandemic, nearly 3 in 4 (74%) said they will need to borrow at least $5,000 or more this year.
Changes in how families plan to cover college costs
The latest survey found the overwhelming majority of parents (92%) agree with the statement that a college degree is important for their child. Perhaps that’s why in June, and during difficult financial times, more parents say they are willing to help their child pay for college (95% vs. 83% in January) and invest in their child’s degree.
In the five-month timeframe between the surveys, the June survey also found the approach to paying for college changed. The recent survey found less families are relying on parental income, savings, and 529 accounts, and instead, are leaning more on grants and scholarships, student loans and the child pitching in by working.
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Changes in How Families Plan to Pay for College: January 2020 vs. June 2020 
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January 2020 |
June 2020 |
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70% regular income and savings |
60% regular income and savings (-10% change) |
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59% grants and scholarships |
64% grants and scholarships (+5% change) |
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45% 529 account |
38% 529 account (-7% change) |
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42% student loans |
53% student loans (+11% change) |
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28% child will work |
43% child will work (+15% change) |
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18% parent loan |
21% parent loan (+3% change) |
Less common financial strategies used by families include money from a retirement account, personal loans, and credit cards. Overall, the survey highlights that there is no “one-size-fits-all” approach to financing a college education.
“During these unprecedented times, families who have children headed to college will need to come together and have open and honest conversations about the road ahead. Parents must keep in mind that while there are loans for college, there are no loans available for retirement. Anything they’re able to offer their child toward the cost of college will be welcome,” said Jean Chatzky, CEO of HerMoney. “Also, students must understand that working through college may be their best path forward, and they should leave no stone unturned when it comes to searching for and applying for scholarships and grants. For parents who might be feeling guilty about not contributing more to their child’s education, don’t. Understand that it’s okay for your child to work and take out an appropriate amount of loans, and you can help them guide them through these important first steps into adulthood.”
Tips for how to cover college costs during uncertain times include:
- If you haven’t experienced a change in income, look to see where you might be able to make cuts to your budget on a monthly basis, and put that money towards your college fund, or college expenses.
- If circumstances have dictated that you won’t be able to continue to save for college or contribute to college costs, start looking into student jobs that might appeal to your child, student loans, as well as grants and scholarships. Doing all this as early as possible will help erase some question marks, and make everyone feel more confident about the future.
- In the years to come, more jobs than ever will be able to be done remotely, and to make ends meet, both students and parents may want to consider a remote side-gig, doing things like customer service, graphic design, social media work, and more. Even an additional $100 a month can be a welcome addition to any budget, and can mean a reduction in the amount of student loans taken out.
- While some sticker prices for college and college activities are set in stone, some things can be negotiated, and in many cases, cheaper prices are available. For example, students who receive a scholarship offer for one year of tuition can request that their offer is extended, and in many cases, online textbooks are cheaper than their hardbound counterparts. There are myriad ways to keep it frugal — you just have to keep an eye out, and never be afraid to ask.
“The pandemic has created financial uncertainty for many families,” said Joe DePaulo, Co-Founder and CEO of College Ave Student Loans. “However, the survey also points to the resilience of families and their determination. Even during difficult times, families believe in – and prioritize – finding a path to a college degree as they know a higher education can provide a better future for their children.”
HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
Exploring the FXGiants Bonus Options
The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital.
FXGiants is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
Website: https://www.fxgiants.com/
View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-successfully-hosts-2024-mba-professor-training-program-for-western-china-302338458.html
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
Photo: https://mma.prnewswire.com/media/2586836/Wirex_VEUR_VCHF.jpg
Logo: https://mma.prnewswire.com/media/2031625/5077408/Wirex_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
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