Higher education is amid a major transformation, as well as how students pay for that education.  

Drawing on proprietary data from Ascent Funding, a student‑loan lender known for outcomes‑based lending, and leading third‑party research, this report examines how today’s students make financial decisions, what drives their stress, and how they use scholarships, grants, and digital tools to plan for graduation. 

Financial Confidence Remains Limited:   

For many students, college isn’t just an academic challenge; it’s their first major financial one. Between managing tuition, rent, and daily expenses, students are being asked to make high-stakes decisions for the first time, often without the financial literacy or guidance to support them. This uncertainty affects everything from the schools they choose to the confidence with which they step into their careers. Students don’t just need funding; they need a financial playbook. 

• According to Ascent survey data, only 26.5% of students feel very confident managing their personal finances. 

• In that same dataset, 1 in 3 say financial concerns have a major influence on their academic or career decisions. 31% say better access to scholarship tools and guidance would help build financial confidence. 

• Students are signaling a clear need: education about money and everyday finances is just as important as education funded by it. 

Paying for Tuition Is the Top Concern:  

The cost of a degree continues to define, and often limit, students’ choices. With tuition rising faster than wages, students are getting increasingly resourceful, combining grants, scholarships, and side hustles to make it all work. But despite their creativity, the numbers make one thing clear: paying for college remains a heavy emotional and financial lift. 

• In an analysis of more than 24,500 student responses submitted through Ascent’s Summer Scholarship program from May to September 2025, nearly half (49.2%) reported that tuition and fees are their primary financial concern. 

• In that same dataset, 25.9% cite finding enough scholarship or aid as their next biggest challenge, and 47% rely primarily on scholarships or grants to fund their education or manage debt. 

• However, these funds are often limited, making it difficult for many students to cover their costs fully. In fact, just 0.1% of students receive full-tuition awards, according to Bold.org, which aggregates national data on scholarship awards across the U.S.  

• In short, while the dream of higher education remains strong, the price tag attached to it continues to be students’ biggest barrier, both financially and emotionally. 

First-Generation Students Face Higher Financial Stress:  

For first-generation students, the path to college often represents a family milestone, but also a heavier financial burden. Without the safety net of experience or inherited guidance, they’re navigating a system designed for those who already know the rules. Even with more grant support, many first-gen students still turn to loans and credit cards to bridge the gap. 

• In Trellis’ 2023 Student Financial Wellness Survey, 38% of respondents identified as first-generation students (n=19,634). This includes 41% at two-year institutions and 35% at four-year institutions. 

• 68% worry about paying for school, and 24% are unsure how they’ll afford their next semester. 

• They’re more likely to receive grants (66% vs. 48%), but also more likely to take out loans (40% vs. 33%) or use credit cards for college costs (35% vs. 28%). 

• The data highlight a persistent challenge: even with more grant support, first-generation students are still taking on more debt than their peers, reflecting the additional hurdles they face when navigating college finances without a family safety net. 

Student Interest in Financial Wellness Is Strong 

Students are craving clarity as they navigate increasingly complex financial decisions, and the data shows they are actively seeking it.  

“Students aren’t just looking for funding, they’re looking for guidance. The demand for financial education shows they’re treating money as an active part of their academic strategy, weighing how borrowing, spending, and earning decisions today will influence their independence and future opportunities,” said Allie Danziger, CMO of Ascent.  

• Two‑thirds of Gen Z college students say they want to learn more about personal finance topics, signaling strong demand for financial education as students navigate increasingly complex financial decisions, according to CFB Board’s report on college students and their personal finances.   

• 83% of college students agree that financial well‑being is important to their overall happiness, with many viewing money as a path to independence (61%) and long‑term goals (60%). At the same time, 40% identify money as a source of stress and anxiety, according to the same report. 

To support these students, tools like Ascent’s Cost of College Calculator provide concrete ways to assess borrowing decisions alongside potential outcomes, helping students translate financial insight into smarter choices. Taken together, these findings suggest that financial wellness is shaping how students plan, prioritize, and make decisions during college, and it will influence their confidence and choices long after graduation. 

Loan Requests Are Increasing, With Popular Majors Emerging:  

With college costs on the rise, student loan borrowing continues to increase. The story isn’t just about borrowing more, it’s about borrowing with purpose. Students are increasingly pursuing majors that align with stable, career-driven fields, signaling a pragmatic shift toward education as an investment in employability. 

• According to Ascent’s proprietary data, the top five majors among approved borrowers are Nursing, Business, Biology, Psychology, and Mechanical Engineering. 

• Students are making strategic choices and leaning into fields that promise stability, skill demand, and a clearer return on their educational investment. 

To support these students, tools like Ascent’s College Degree ROI Calculator aims to bring transparency to the college decision journey by helping students and parents evaluate the return of their college investment.

Conclusion: The Path Forward 

As the cost and complexity of higher education continue to rise, one thing is clear: today’s students are more resourceful, informed, and determined than ever. They’re seeking smarter, more sustainable ways to fund their education by leveraging digital tools, exploring scholarships, and redefining what financial wellness looks like. 

Looking ahead, the next era of student finance will be defined by personalization and empowerment. Students want guidance that’s as dynamic as their goals. This means giving them real-time insights, proactive support, and funding models that evolve with their needs. The institutions, lenders, and leaders that step up to meet them with transparency, technology, and trust will not only help them reach graduation but also set the foundation for lifelong financial wellness and success. 

Methodology 

Insights from Ascent’s Summer Scholarship program are based on more than 24,500 student submissions collected between May 15 and September 15, 2025. As part of the scholarship submission process, students provided self‑reported information related to their financial concerns and educational experiences. For the purposes of this report, responses were aggregated and analyzed at the group level to identify common themes and trends. Findings are intended to reflect student sentiment and directional insights, rather than establish causation.  

Trellis’ 2023 Student Financial Wellness Survey included 62,367 undergraduate respondents from 142 U.S. institutions, with 19,634 self-identified first-generation students. Students were invited via institution-provided contact lists, with larger schools randomly sampling students and smaller schools inviting all eligible students. Responses were weighted by demographics (gender, age, enrollment intensity) to account for potential nonresponse bias. Analyses report descriptive statistics and subgroup comparisons, and all figures cited above are directly from Trellis Strategies’ SFWS. 

CFP Board collaborated with College Pulse to conduct a survey of undergraduate college students across the U.S. College Pulse selected its survey sample from its American College Student Panel™, which includes over one million verified students representing more than 1,500 colleges and universities in all 50 states.The firm received responses from 2,025 college students between September and October 2025. The data are weighted based on gender, race and ethnicity, voter registration, financial aid status, and class year. The data presented in this report has a margin of error of +/- 2.2% at a 95% confidence level. The survey data serve as the basis for this report. CFP Board’s Research team conducted the analysis, drew the conclusions and is responsible for the report’s content. 

Select insights in this report are informed by Ascent’s proprietary data, including anonymized, aggregated survey responses and loan application activity. Student confidence, financial stress, and decision‑making insights are drawn from self‑reported survey data collected through Ascent‑administered programs, with sample sizes noted where available. Borrowing trends and academic preferences reflect approved borrower data collected between July and August 2025, including declared majors at the time of application. All Ascent data are analyzed in aggregate and do not include personally identifiable information. Findings are intended to highlight directional trends and student sentiment rather than establish causation.