High school students are facing a new reality due to the coronavirus

American teenagers are concerned about the financial impact of coronavirus pandemic to her family – and to her future.

according to a Junior Achievement poll and Citizens Bank, 57% of teenagers said they were worried about how Covid-19 will affect her life after high school.

Of high school juniors and seniors surveyed, 27% said their plans changed after graduation, and 44% said the pandemic impacted their plans to pay for college.

Additionally, 58% of juniors and seniors surveyed said they were more likely to move out A student wage pay for college. The survey of 1,000 US teenagers ages 13 to 18 who are not currently enrolled in college was conducted April 8-14 by Wakefield Research.

“The immediacy of the crisis is causing many teens entering college to carefully evaluate their options,” said Jack E. Kosakowski, president and CEO of Youth Achievement USAa non-profit organization that prepares young people for success.

That may mean Community College or a public school instead of a private one, or take one interim year between high school and university. Prospective students may also consider the fact that college campuses may still be closed in the fall.

Of those who said their plans changed after graduation, 35% said it would change their living situation – like living at home instead of in a dorm, and 30% delayed their start of college. Meanwhile, 13% changed the school they wanted to attend and 8% chose to drop out of college.

But in the end, a way forward like attending a different school than expected can still be a good one, said Dr. Wendy Sue Swanson, pediatrician and former director of digital innovation at Seattle Children’s Hospital.

“If you want to be an architect, or a school teacher, or an entrepreneur, chances are you will be,” even if you change schools or defer college, said Swanson, now the chief medical officer at SpoonfulOne, a food allergy protection system.

Seniors who are struggling financially and have already picked their college for the fall should contact the school’s financial aid office before moving.

Just make sure you can show exactly how the pandemic has changed the financial situation, said school counselor Brian Coleman, chair of the counseling department at William Jones College Prep High School in Chicago.

“Being stressed and anxious about paying for college is different than being in a situation where you can’t,” he said. Coleman, along with the Shark Tank investor Daymond Johnformer FDIC chairman Sheila Bair and financial psychologist Brad Klontzdealt with the problems in a virtual town hall for junior achievements moderated by CNBCs Sharon Eppersonon Thursday.

In fact, the crisis may have unintended consequences when it comes to understanding financial reality.

“A lot of high school seniors go to college without a clear idea of ​​how they’re going to pay for it,” Kosakowski said, noting that this is one of the reasons $1.6 trillion student loan debt crisis.

“Ironically, teens who want to go to college in this environment are actually better able to manage their expenses as this crisis is forcing them to consider cost-cutting measures, such as less expensive.”

In addition to worrying about their own future, young people are also concerned about the immediate financial situation of their families. When asked what aspects of Covid-19 worried them, 36% said they were concerned about their parents or guardians having enough money to pay the bills.

Because of this, it is important for parents to talk to their children about what is happening and go through the different ways to deal with the situation.

“It’s not easy to talk about money,” Kosakowski said. “Our children may have fears and concerns that they don’t express to their parents or caregivers.”

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Talk to your kids about what they need and how they’re feeling, and try to respond to everyone around you with grace and patience while you all deal with the emotions surrounding the crisis, Coleman added.

“Permit [your children] know you are a resource, you are a support, but you may not have all the answers,” he said.

Also, don’t underestimate her maturity and understanding of what’s going on, and don’t underestimate the need to grieve during these times, Swanson advised.

“It’s okay to be really angry about it for a while,” she said.

However, there may be good news when this is all over.

While it’s “not pretty” right now, it could ultimately give kids a sense of resilience, Swason noted.

Knowing that they can meet this challenge is an “incredible power tool,” she said.

“Once you get to the other side, a child knows and learns that they can actually endure something difficult,” Swanson added.

“It will serve us for the rest of our lives.”

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