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After Navigation
Home Blog The Impact of COVID-19 on Your College Decisions
  • Contents
  • Factors Affecting College Decisions
  • Apply for a Sallie Mae Private Student Loan
  • Apply for a College Ave Private Student Loan
  • What the Potential Alternatives Are
  • Tips for Returning to Campus During COVID-19
two female students walking outside wearing masks during covid

The Impact of COVID-19 on Your College Decisions

Date Published : July 16, 2020
Authored By : Elaine Rubin
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College planning in a COVID-19 world might feel impossible to most. It is especially difficult for students with underlying health issues and those who believe they might not learn well in online environments. Several colleges made announcements that they intend to open and hold in-person classes but many students and parents believe this is not truly feasible.

Factors Affecting College Decisions

In spite of the uncertainty, 65% of respondents in a Chronicle survey believe they will attend face-to-face classes in the fall. However, students seem more ready to return to school than their parents are to let them do so.

Jimmy Malone, co-host of the WMJI morning show asked parents what their thoughts were on the matter. One father replied, “Not feeling very good about it, but it’s hard to stand in the way of your child’s dreams, and it’s not fair that they don’t get the same opportunities as every other generation.”

Over the past few months, parents and students have shared the following concerns for college planning in a COVID-19 world:

  • Concern for the high cost of education without the true college experience
  • Disbelief that college students can maintain social distancing on campus
  • Fear related to sharing classrooms, bathrooms and dorms
  • Confusion over how colleges plan to tackle the COVID-19 crisis

Apply for a Sallie Mae Private Student Loan

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable Rates: 5.49% APR - 15.83% APR1

Fixed Rates: 4.50% APR - 14.83% APR1

Repayment Terms

10-15 Years6

(undergraduate)

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 5.49% APR - 15.83% APR. Fixed Rates: 4.50% APR - 14.83% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2021, instant credit decisions were provided to 97% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2020 through September 30, 2021. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 02/27/2023

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Apply for a College Ave Private Student Loan

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.74% APR1

Fixed rates as low as: 4.74% APR1

Repayment Terms

5, 8, 10 or 15 years2

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.74%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 03/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

 

What the Potential Alternatives Are

As the concerned father noted, the younger generations have not had the same opportunities as their predecessors, partially due to two recessions in just 12 years. Subsequently, many have experimented with alternative ways of living, gaining an education or building a career. The prevalence in the adoption of these plans might continue to grow in the next few years.

1. Learning Online

Millennials are often nicknamed the internet generation and were the pioneers of full-service online learning. Many pursued degrees and certifications online while holding down full-time jobs or traveling abroad. This has led the path for many college students today. Several colleges developed online programs before any thought of the COVID-19 pandemic. However, the pandemic forced colleges to expand their offerings even further. This upcoming fall many colleges and universities are opting for hybrid (in-person and online) and fully online programs. In some cases, even if students are welcomed back on campus not only will strict distancing be enforced inside classrooms, students may also be restricted from shared spaces like dining halls and dorm rooms with more than one person. Arguably, some of these social interactions are also a big part of the learning process; especially where study groups might have previously been able to gather.

2. Attend Community College

Several colleges have announced that the tuition will remain the same even if they only provide online classes. Subsequently, many people now advocate for attending community colleges. In fact, Connecticut is offering free community college classes.

Using community college to reduce the cost of your degree or program is not new. However, it’s now a serious option for those who aren’t quite sure about what they want to do next. It’s a way to keep yourself in the routine of continuing your education, while giving you some time to deal with the current reality.

Taking a Gap Year

Some aspiring graduates have decided to opt out of college in the fall, altogether. One high school baseball player shared, “Even though my profile says class of '21, I'm actually a 2020 grad taking a gap year. I plan to start college in the fall of 2021.”

The potential downside here, students have to figure out what they’re going to do on their year off. With the pandemic students may not have the opportunity to travel or work.

Tips for Returning to Campus During COVID-19

The possibility of in-person classes increases drastically if Americans manage to flatten the curve. As cases climb across the country, however, this is becoming more of an uncertainty. Even so, there are a few things parents and students can do to prepare:

  • Consider online classes and/or community college to remain close to home
  • Consider renting an apartment instead of sharing a dorm
  • Stock up on masks, gloves and cleaning supplies
  • Make an attendance decision based on each institution’s COVID-19 policies

If you need additional help with college planning in a COVID-19 world, Edvisors can help. Reach out to us on Facebook or submit a question through Ask the Edvisor®.

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For 20 years we have been known as one of the largest and most trusted resources to help you find your path to success. Everyone needs to find their own path, and we know that first-hand. Helping you reach your educational and financial goals without stress, is our mission. Let's face it, it may be unavoidable to borrow money, but there are ways to do it wisely, including making the right choices up front, as well as during repayment. If we can help you make an informed and careful decision, we consider that a good day in the office.

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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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