86% of families think paying for college is confusing and intimidating
Luckily lots of organizations are enlightening families on how to create a paying-for-college plan like Quatromoney. “Families need guidance on how to balance savings, cash, and financing options for this huge purchase,” said Patrick Kandianis, Quatromoney’s CEO & Co-Founder. “Quatromoney incorporates a forward view on all four years to ensure the choices students and parents make fit their budgets both now and after graduation."
We love hearing from real families
A survey of over 300 families focused on paying for college found was promoted by Road2College on behalf of Quatromoney. When asked about a variety of sources to help pay for college, the number one response was using scholarships and grants (89%). 43% assumes their students would use work-study funds to cover college costs. Many plan to use one or more financing options like a Federal Direct Student Loan (46%), parent loan (24%). or home equity loan (7%). Also, 73% of families plan to use cash from income and 52% 529 college savings plans to pay for college costs.
The survey also found that 46% of respondents would consider one or more additional sources to help pay for college.
We love that Quatromoney satisfaction is high
After seeing how quickly Quatromoney’s free paying for college platform, 74% of respondents indicated that would recommend the service to a friend. Respondents most valued the following features:
Calculation of all 4-years of college costs
Ability to personalize your college affordability plan with your savings and cash
Seeing a calculation of your monthly repayment after graduation
We Loved the Kudos
We are always touched by the positive comments we get from families. Here are a selection from the survey:
- “An easily personalized tool for adapting college price and funding calculators to your family's situation and the specific colleges you're considering.” - Independent education consultant
- “This service would give us the tools we need to be our own college finance advisors and enable us to make confident decisions that are best in the long run.” - Parent of 12th Grader from PA
- “Very straightforward software to budget college affectively” - Parent of 9th Grader from NC
- “It takes the Net Price Calculator a step further by estimating all four years and looking at funding options.” - Parent of 11th Grader from GA
- “A great tool for figuring out what you will really pay for college and how you will do it.” - Parent of 12th Grader from TX
We love the improvement feedback
Creating a survey like this is not just about asking about what we are doing right, but also about how we can improve our offering. We are able to better prioritize enhancements based on respondents' answers to questions like “Which 3 future product enhancements would be the most valuable to you?” as well as other comments shared by respondents throughout the survey. This meaningful feedback guides for our business investments and operational processes. We are listening and plan to act.
We wanted to share that Bryan C., Parent of 3rd and 7th graders from TX randomly won our survey sweepstakes. He received a $500 Amazon Gift Card.
Colleen MacDonald Krumwiede is a financial aid and paying for college expert with over a decade of financial aid experience at Stanford GSB, Caltech, and Pomona College and another decade at educational finance and technology companies servicing higher education. She guides go-to-market strategy and product development at Quatromoney to transform the way families afford college.