According to an annual nationwide survey released today, about two-thirds of incoming students said they had “some” or “major” concern about their ability to pay for their education.
The percentage of those with “some” concern — 55.4 — was at its highest level since 1971. The number of students taking out loans was at its highest in nine years, at 53.3 percent. The number whose fathers were unemployed — 4.5 percent — was the highest in the history of the survey. The number of students whose mothers were unemployed was higher — 7.9 percent — and at its highest since 1979.
“What all this points to is that they are going to be graduating with a larger debt burden than students in the past,” Mr. Pryor told the NYT. More fun stats below!
About 9 percent of students said they chose their college because their first choice did not offer them financial aid — the highest since that question was asked in 1984.
And students seemed acutely aware of value when choosing a college. The factor most often cited for choosing a school was that its graduates got good jobs — 56.5 percent said this was “very important,” the highest rate since the question was asked in 1985.
At least there seems to be one silver lining: not as many fresh-eyed grads have an interest in becoming a despised i-banker.
However, their ideas on where the good jobs are may be changing: the number of students saying they expected a career in business had dropped to 12.1 percent, the lowest since 1976.