monthly, scholarship owl conducts research to better understand Gen Z, specifically how they prepare for college. Given the current economic climate, we decided to focus last month’s survey on students’ ability to attend university next academic year. Although we anticipated that the majority of students would not yet have the necessary funds, more than half (56%) of students still secured any funds at all from scholarships, federal or state grants. I was shocked to learn that the answer was “no”. , income from work, personal savings, or funds from your family for next year’s college.

Who participated in the survey?

In January 2024, ScholarshipOwl surveyed high school and college students on the ScholarshipOwl scholarship platform to learn more about their opinions about the value of college. A total of 9,762 students responded.

Of the respondents, 60% were female, 39% were male, and 1% identified themselves as other. Nearly half (47%) identified as white, 21% as black, 18% as Hispanic/Latino, 6% as Asian/Pacific Islander, and 6% as other.

Almost two-thirds (61%) of respondents were high school students; Almost one-third (32%) were undergraduate students, primarily first and second year college students. 6% were graduate students and 2% identified themselves as adult/nontraditional students.

survey questions

Question 1

We ask students, “Which of the following best describes the total cost of attendance (tuition and fees, room and board, books and supplies, etc.) for the college you will enroll in fall 2024?” We started the investigation.

• 4% said the total cost of attending was less than $5,000
• 13% said the total cost of participation would be between $5,000 and $10,000
• 19% said the total cost of participation would be between $10,000 and $20,000
• 18% said the total cost of participation would be between $20,000 and $30,000
• 13% said the total cost of attending would be between $30,000 and $40,000
• 10% said the total cost of participation would be between $40,000 and $50,000
• 11% said the total cost of attending would be between $50,000 and $70,000
• 6% said the total cost of attendance would be between $70,000 and $100,000
• 3% said their total cost of participation exceeded $100,000
• 4% say they will not attend college in fall 2024

Question 2

The next question is, “Approximately how much of the total cost of attendance for fall 2024 has already come from debt-free sources, such as scholarships, federal and/or state grants, income from work, savings, and money from family?” Have you secured the necessary information?” ”

• 56% say they don’t have all the money they need
• 35% say they have a quarter of the money they need
• 14% say they have half the money they need
• 6% say they have three-quarters of the money they need
• 2% say they have all the money they need
• 3% say they will not attend college in fall 2024

Question 3

Our final question was, “Which of the following financial sources do you expect to use most often to cover your remaining college costs?” Students could choose only one answer.

• 16% choose need-based federal and/or state aid
• 15% choose university scholarships
• 11% choose external/private scholarships
• 1% choose federal research
• 15% choose income from work
• 3% discount on selected
• 8% said they would ask their parents/family for additional financial support
• 26% choose student loans
• 2% Selected Private Loans
• Less than 1% said they already covered all of their college costs
• 3% say they will not attend college in fall 2024

Important points

Based on this research, it is clear that the majority of students need to be educated about the real cost of college. The average cost of attending an in-state public university is approximately $26,000 per year. Attending an out-of-state college or private university can cost anywhere from $40,000 to $70,000 per year. However, more than one-third (36%) of students responding to the survey expect their total cost of college attendance to be less than $20,000 next year.

It was also eye-opening to see that more than half (56%) of students surveyed said they have yet to secure debt-free funding to attend university next year. Perhaps some of these students are unaware of the college funds their families have set up for them, but even if that were true, many of the respondents I have no idea how I will be able to pay for university fees.

While not surprising, it was still disappointing to learn that nearly a third of students plan to use loans as their primary source of funding to “cover their financial aid gap.” With so many funding options available to pay for college without borrowing, students and families should consider loans as a last resort rather than a go-to option.

Where can students and families learn more about college costs?

All universities list the total cost of attendance on their websites. Sometimes this information can be a little difficult to find. The easiest way to access this information is to search for “total participation fee” in the website’s search bar.

General information about the average total cost of attendance at a university can be found at Education Data Initiative website.

What debt-free financial resources are available to students to pay for college?

Student loans should always be your last resort to pay for college. Focus on debt-free funding sources that allow you to graduate without the burden of paying thousands of dollars for college. Here’s how students can pay for college without loans.

• To access federal and state grant aid, FAFSA.
• Prioritize scholarship applications scholarship owl.
• Apply for scholarships at the universities you are applying to or currently attending.
• Work part-time during the school year and full-time during breaks. Save the money you earn to go to university.
• Choose a more affordable option for attending college, such as starting at a community college.

Parents and school counselors should encourage students to apply for scholarships and jobs rather than loans so that they can graduate debt-free. There is an affordable path to college – for more information and to start applying for a scholarship, visit: www.scholarshipowl.com.