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FastWeb Survey Reveals Financial Aid is the Top College Selection Consideration

Business Wire, April 29, 2008

Yet Few Families Feel Prepared to Financially Plan for a College Education

CHICAGO -- FastWeb today announced that financial aid packages are among the most critical variables for parents and students when choosing which school to attend, according to a FastWeb survey - in fact, more than 75 percent of students recently polled consider it a "very important factor." However, only 34 percent of students and 16 percent of parents surveyed feel prepared to financially plan for college. FastWeb is a leading online scholarship matching engine and a site within the Monster Worldwide (NASDAQ: MNST) network.

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Despite regarding financial aid as the key variable, nearly all of the respondents admit to worrying about how they will pay - not a surprising result, given that almost half of parent and student respondents do not have any savings set aside to cover higher education costs.

"Thinking about how to pay for higher education can be very intimidating, so students and their parents need to take the time to learn about the financial options available," said Amanda Joyner, Vice President and General Manager of FastWeb. "A solid understanding of these options is the first step to making smart financial planning decisions at the onset of the college selection process; it can also help alleviate some of the worry that often hampers what should be an exciting time in a young person's life."

Survey reveals a lack of knowledge about financial planning options

Students and parents frequently indicate that a significant hurdle to financial readiness is not being educated about the various types of assistance available. FastWeb offers the following tips for families on how to bridge the gap between funds available and funds needed:

* File a Free Application for Federal Student Aid (FAFSA) - "While our survey shows that 82 percent of current college students have filed their 2008 FAFSA, it should be 100 percent - many financial resources consider the FAFSA a prerequisite for determining award packages, making it an essential tool for anyone looking to fund an education," noted Joyner.

* Apply for scholarships - Forty (40) percent of prospective college students anticipate scholarships will cover more than half of their annual college costs, yet according to Mark Kantrowitz, founder of FinAid.org, the typical undergraduate student who receives scholarship support earns an average of $2,184 in award money.1 Said Kantrowitz, "While scholarships are a great financial resource for students, they typically do not cover all the costs associated with higher education and should not be considered a sole funding option."

* Prioritize lending resources - The Federal Stafford Loan is the most popular funding option for undergraduate students, thanks to its in-school deferment, low interest rates and flexible repayment plans. While loan offers from private lenders may be a necessary alternative for students who are ineligible to receive federal loans, they should generally be considered a secondary resource that requires careful evaluation to avoid strapping graduates with excessive, high-interest debt in the future.

* Be cautious with credit cards - According to a recent MonsterTRAK survey, 36 percent of 2007 graduates accrued credit card debt while in school - a third with debt of more than $5,000.2 "Instead of relying on credit cards, students should first explore all other options, including the possibility of extending federal and private loan allowances to cover college-related expenses," added Joyner.

* Take advantage of free online programs - Monster's Making College Financial Planning Count provides an overview of the college financing process, including planning for and managing higher education costs and understanding the types of financial aid options available. This free interactive program helps students and their parents create a personal college funding strategy at their own pace, anytime.

Survey Methodology

FastWeb's 2008 Financial Planning Survey was conducted from January 15 - February 20, 2008 via national targeted online distribution to parents, and prospective and current college students who are FastWeb members. Results were recorded from 332 parents and 716 prospective and current college students. This survey is not scientific and reflects the opinions of only those Internet users who have chosen to participate.

About FastWeb

FastWeb supports a national community of students, parents, educators, and scholarship providers by helping students realize their dreams of higher education. Best known for its vast college scholarship matching engine, FastWeb also aids students with a match to relevant colleges, part-time jobs and internships based on that student's profile detail. More than 15,000 high schools and 3,500 colleges throughout the U.S. send students and their parents to FastWeb to obtain value from its college financial planning resources. For more information visit FastWeb at www.fastweb.com.

Business Services Industry

FastWeb Survey Reveals Financial Aid is the Top College Selection Consideration

Business Wire, April 29, 2008

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