How Students Pay For College: The 2011 Edition

ScholarshipExperts.com Fast. Easy. Free. HIGH SCHOOL SURVEY In April of 2011, we conducted a survey of 1,124 high school seniors to find out how they will be financing college this upcoming year. Here are some of the most pertinent findings: 1 COLLEGE BY THE NUMBERS People deciding for higher education: NUMBER OF STUDENTS ATTENDING COLLEGE : 4-year Public Institutions: 12,906,305 2-year Public Institutions: 7,521,406 61.8% OF THE HIGH SCHOOL SENIORS SAID Total in year 2009: THEY'LL DEFINITELY ATTEND COLLEGE AFTER HIGH SCHOOL 20,427,711 2 WHAT SCHOOL TO ATTEND? Students said they would prefer to attend: 7% 62% 29% 40% 2% A 4-year public college/university (out of state) An online college/ university A 2-year A 4-year public college/university (in-state) A private college/university community college 3 DOES MONEY MATTER? Students strongly agreed with the following statements: Money is a huge factor in my final decision about which college to attend. A college education is so expensive these days, it might not be worth it. 38% O 13% Our household income has dropped significantly due to a lay-off, fewer hours, or a pay cut. I am worried about paying for all of my education expenses. 23% 51% I have had to lower my expectations about college because of money and the economy - I may not be able to achieve all of my education goals because of the cost. 14% 10% AVERAGE TUITION AND EXPENSES STATISTICS Actual Cost of Tuition, Room and Board 2009-2010? ALL INSTITUTIONS: PRIVATE 4-YEAR INSTITUTIONS: $17,633 O $35,061 PUBLIC 4-YEAR INSTITUTIONS: PUBLIC 2-YEAR INSTITUTIONS: $12,804 O $7,703 4 HOW SHALL I PAY COLLEGE FEES? How students think they will pay for the total cost of their college degrees: SCHOLARSHIPSS OFFERED BY A COLLEGE OR UNIVERSITY 88% SCHOLARSHIPS OFFERED BY AN OUTSIDE ORGANIZATION 78% INCOME FROMMY JOB WHILE IN COLLEGE 64% FEDERAL STUDENT LOANS 59% INCOME FROM MY PARENTS' JOB(S) 54% INCOME FROM MY SUMMER JOB(S) 54% MY PARENTS' SAVINGS 48% MY SAVINGS 47% PELL GRANT 37% EDUCATION LOAN FROM A CREDIT UNION, BANK OR PRIVATE LENDER 24% FUNDS FROM GRANDPARENTS, SPOUSE OR OTHER RELATIVES 23% FEDERAL PARENT LOANS 16% PARENTS' INVESTMENTS 12% PARENTS' CREDIT CARDS 7% MY CREDIT CARDS 5% HOME EQUITY LOAN, LINE OF CREDIT OR A SECOND MORTGAGE 4% STATISTICS OF UNDERGRADUATE STUDENTS RECEIVING SCHOLARSHIPS: Average amount awarded: TOTAL AMOUNT $2,523.31 OF AWARDS: $2.91bln $. 5 SHALL I SEEK FUNDING? Students' responses about financial aid: 93% 90% 55% 35% Will apply for financial aid Already filled out the FAFSA Expect to take loans to pay for college7 Have considered living at home and huting to save on college a way costs 77% 97% 69% Ex pect to receive financial aid from the colleges applied to Have applied for scholarships Are planning to work during their first year in college ACTUAL AMOUNT AWARDED DEBT STATISTICS Of those who applied for federal student aid, The average amount of financial aid awarded to full-time, 86.3% borrowed to pay for their education full-year undergraduates in 2007-2008 and the average cumulative debt among graduating seniors was $24,651 ANY8. $12,740 Students who borrowed: FEDERAL: 86.3% AVERAGE CUMULATIVE DEBT: $8,070 $24,651° SOURCES: 1 other Sources: 20,427,711 students attended college In 2009 (4- year Public Institutions - 7,709,197 & 2-year Public Institutions - 7,101,445) Cite: U.S. Department of Education, National Center for Education Statistics http://nces.ed.gow/programs/digest/d10/tables/dt10_003.asp?referrer=report http://www.bls.gov/news.release/hsgec.nro.htm 2 outside Information: Average Tultion and Expenses Statistics: Actual Cost of Tultion, Room and Board 2009-2010- All Institutions - $17,633, Public 4- year Institutions - $12,804, Private 4 - year Institutions - $35,061, Public 2- year Institutions - $7,703. Source: U.S. Department of Education, National Center for Education Statistics, Higher Education General Information Survey (HEGIS), "Institutional Characteristics of Colleges and Universitles" http://nces.ed.gov/programs/digest/d10/tables/dt10_345.asp?referrer=report 3 outside Statistics on Loans: Nonfederal - $8,020, Total Loans - $9.480, Federal Loans - $7,050, Nonfederal Loans - $7,780 4 outside Statistics on Grants Awarded: Total Grants - $7,110, Federal Grants- $3,670 Nonfederal Grants- $6,390. (SOURCE: U.S. Department of Education, National Center for Education Statistics, 2007-08 National Postsecondary student Ald study (NPSAS:08). (This table was prepared August 2009.)http://nces.ed.gow/programs/digest/d10/tables/dt10_351.asp) 5 2007-2008 Undergraduate Scholarship Information (114,000 undergraduates surveyed, includes 2- year & 4-year schools) Source: U.S. Department of Education, National Center for Education Statistics. 6 outside Information: Statistics of undergraduate students recelving scholarships- 5.5% of students (1,152,300 reciplents) and the average amount awarded is $2,523.31, total amount of Awards: $2.91billion. Source: 2007-2008 Undergraduate Scholarship Information (114,000 undergraduates surveyed, Includes 2- year & 4-year schools) Source: U.S. Department of Education, National Center for Education Statistics. 7 outside Statistics: (65.6%) of 4-year undergraduate students graduated with a Bachelor's degree and some debt In 2007-08, and the average student loan debt among graduating senlors was $23,186. (http://www.flnald.org/loans/). S outside Statistics: Actual Amount Awarded 2007-2008 $12,740 The average amount of any financlal ald awarded to full-time, full-year undergraduates In 2007-2008 & $8,070 - average amount of federal financial ald awarded to full-time, full-year undergraduates In 2007-2008 SOURCE: U.S. Department of Education, National Center for Education Statistics, 2007-08 National Postsecondary Student Ald Study (NPSAS:08). 9 outside Statistics: Those who applled for federal student ald, 86.3% borrowed to pay for thelr education and the average cumulative debt was $24,651. (http://www.flnald.org/loans/). %24 %24