College Students Taking on More Financial Responsibility While Lacking Confidence in the Value of Their Education
A study commissioned by Ascent Funding reveals interesting insights regarding the cost and financing of higher education
According to a May 2018 nationwide study* by Ascent Funding:
- Student’s financial burden is greater than expected. Nearly half of students report they are now shouldering more responsibility in paying for college than originally anticipated.
- The perception of value is not keeping pace with the price tag. 51 percent of students do not believe the value of a college education has kept up with the rising cost.
- There are significant gaps in student knowledge relative to financing options and what their future payments will look like. Only 32 percent know that interest begins accruing on the date of loan disbursement and only 21 percent correctly identified the average student loan payment as greater than $200 per month (nearly one-third believe it’s less than $100)
* Ascent Funding surveyed 1,027 college students currently enrolled in a four-year bachelor’s degree program who have taken out student loans. The survey was fielded using the Qualtrics Insight Platform, and Fulcrum provided the panel. Fielding was executed in May 2018.