Freshman survey reveals pressing financial issues
UCLA just released the findings of its annual national survey on college freshmen, as part of the Cooperative Institutional Research Program (CIRP). Parts of the survey dealt with political engagement, self-evaluation of skills for a diverse workplace, core competencies, learning disabilities, and support for green initiatives. One most relevant parts of the report was the findings regarding college admission and financial issues. According to the report:
“The percentage of students attending their first-choice college continued to decline, dropping from 63.9 percent in 2007 to a 34-year low of 60.7 percent in 2008. Also in decline is the percentage of incoming first-year students who were accepted by their first-choice college, which stood at 80.6 percent in 2007 and dropped to 77.8 percent in 2008.
A widening gap persists, however, between acceptances at first-choice colleges and actual attendance. In 2007, 16.5 percent of students were accepted at their first-choice institutions but elected to attend a lower-choice institution; that figure increased to 17.1 percent in 2008. The number of students applying to four or more colleges hit a record high of 60.1 percent in 2008, up from 56.4 percent in 2007.
Financial issues are most likely to drive a student to decline a first-choice institution in favor of a second choice, the survey found. In 2008, the percentage of students reporting that financial aid offers were “very important” or “essential” in choosing which school to attend was higher than at any time during the 36 years the survey question has been asked; from 2007 to 2008 alone, the proportion jumped from 39.7 to 43 percent.
The importance of cost in choosing college hit a high of 39.9 percent in 2008, up 3.1 percentage points from 2007. Although 79.6 percent of students reported that they will use financial resources from parents and relatives, students were also more likely to report using their own savings and planning to work while in college than in previous years (64.7 percent in 2008).
A greater proportion of students (49.4 percent) reported in 2008 that they will get a job in order to cover college expenses than at any time during the 32 years this question has been asked. Students were also more likely to receive funds from aid that need not be repaid, such as grants or scholarships (69.3 percent in 2008).
“More students are planning ahead to use multiple resources to pay for college,” said John H. Pryor, a co-author of the report and the director of CIRP. “But some are also choosing to forgo their first choice because of concern about the lack of resources or financial aid.”
The full summary can be found here.
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