PROVIDENCE – Public health and safety concerns around going to college have waned, but affordability remains top of mind among prospective and current college students and their families, according to a new study by Citizens Bank.
The fourth annual Student Lending Survey published on Aug. 4 found that a majority of high school and college students – 69% and 70%, respectively – named paying for college as a major factor in their college plans, including for the upcoming fall semester.
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Among those already in college, more than half anticipated their per-semester cost would increase this fall – up an average of $8,700, including the costs for tuition, room and board, meal plans, travel, and events and activities the survey stated.
While fewer students were worried about how the pandemic would impact their college plans compared with the 2020 survey, COVID-19 drove a slight uptick in the number already talking about how to pay for college – 43% as of the 2021 survey.
Families whose finances were affected by the pandemic were even more likely to have discussions about college affordability, with 58% saying the crisis had prompted recent discussions. Only 6% of those surveyed had never talked about the cost of college with their families at all.
And although physical health concerns around virus transmission have dwindled, mental health was a concern among more than 4 in 10 high school and college students, potentially exacerbated by high waitlists for college admissions and fears about the post-pandemic job market, according to the survey. Nearly one-third of incoming college freshmen were put on a waitlist for one or more of their top-choice schools.
When choosing where to enroll, a specific degree program was the No. 1 deciding factor, followed closely by affordability.
The survey reflects responses from 2,000 current or prospective college students and their parents.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
