HIGH SCHOOL STUDENTS FACE UP TO COLLEGE COST REALITY, SAVING MORE AND MAKING TRADE-OFFS

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1 HIGH SCHOOL STUDENTS FACE UP TO COLLEGE COST REALITY, SAVING MORE AND MAKING TRADE-OFFS 529s, as they are called, are intended to support families in meeting the relentlessly rising expenses of a college education. The average annual tuition costs of attending a 4-year public and a 4-year private college or university in are escalating beyond the rate of inflation. Including tuition, room, board and expenses. The average total cost in for an in-state student at a 4-year public college is $17,860; and for a 4-year private college is $39,518, according to the College Board. A new survey of high school students across the country showed a strong uptick in college savings habits and a willingness to make the tradeoffs necessary to attain higher education. The students participating in the College Savings Foundation s fourth annual How Youth Plan to Fund College survey seem willing to pursue a variety of ways including working and going to school part time to avoid at least some of the student debt that is threatening to drag on the economy. The strongest outcome was the finding that sophomores, juniors and seniors across the country are proactive about saving, with 74 percent planning to save money for college or post-secondary school. Over half of them, 53 percent, have already gotten a job to earn money for college, compared to 46 percent among last year s students. The College Savings Foundation (CSF) is a Washington, D.C.-based not-for-profit organization whose mission is to help American families achieve their education savings goals, by working with public policy makers, media representatives and financial services industry executives in support of education savings programs. Nearly half of the high school students surveyed have started saving already: 49 percent, up from 45 percent last year; and of those a whopping 77 percent having already saved $1,000, up from 72 percent last year. Perhaps part of that success stems from the fact that nearly 29 percent of students are saving through a 529 college savings plan theirs or their parents (22.1 percent through their parents and 6.5 percent on their own). This generation of students was born at the inception of 529 college savings plans. It s exciting to see their enthusiasm as well as their parent s enthusiasm for saving early and strategically, said Roger Michaud, Chair of CSF, a leading nonprofit helping American families save for their children s higher education. t only are more students planning to use their own funds for college or higher education, but they also intend to cover more of their costs. Sixty-seven percent of students plan to use their own funds for college, up from 65 percent last year. Those who plan to pay for percent of the costs have increased dramatically to 43 percent from 35 percent last year. The number of students covering less than 25 percent of college costs has dropped to 41 percent from 46 percent. The CSF How Youth Plan to Fund College is an online survey of over 500 sophomores, juniors and seniors across the country, with parental permission.

2 How will they cover these costs? The vast majority 93 percent say they will or may work while in college a reality that will force many to attend school part time, or have less time to study. Yet many of these students are undaunted, with almost half, 45 percent, acknowledging that working will be a good experience. Students are addressing the costs of college directly by pulling away from higher priced private colleges: only 17 percent plan to attend private colleges down from 21 percent last year; and 47 percent are headed to public college, up from 45 percent last year. The average total cost in for an in-state student at a 4-year public college is $17,860; and for a 4-year private college is $39,518, according to the College Board. They are also more willing to forgo material things like electronics or a car in order to save for college nearly 59 percent up from 56 percent last year. Greater reliance on Grandparents and extended family More students are expecting to receive help from relatives 45.5 percent, up from 41 percent and they are expecting a lot more of it: 41 percent expect to get over $5,000 toward higher education, compared to 29 percent last year. High school students are also pursuing technology-based innovations to tackle the high price of college. Twenty-nine percent said they are looking at online learning to reduce costs. Twin shadows of costs and debt loom large Despite their intentions to save and work, students are still resigned to borrowing 66 percent versus 63 percent last year. And 36 percent have researched student loans, up from 31 percent last year. Students are clearly concerned with their debt burden after college: 79 percent of all students said they would feel better about college debt if they had savings. Over 78 percent of students said that costs were definitely or possibly affecting further education plans. Of those, the impact is being felt more deeply this year: 58.6 percent say costs will affect their choice of a major, compared to only 51 percent last year; and 63.5 percent say that costs are a factor in deciding to attend school part versus full time, as compared to 60 percent last year. The burden of debt casts a heavy shadow on our children s future, Michaud said. We found that it narrows their college choices now; and we know that it can impair their ability to make financial commitments in the future. Saving early and often is a parent s best strategy for positioning children for financial stability. Economic conditions have also influenced college plans for more students 42 percent versus 34 percent last year. Parents teaching their children well Students seem to be learning from their parents and guidance counselors. Nearly 39 percent are being advised on college planning by their family, 33 percent by their guidance counselor, and 19 percent by a financial advisor. They seem to be learning well at home. Of the 68 percent of students who are talking to their parents about their involvement in funding college, over 68 percent of the parents are saving, up from 63 percent last year. Of those parents who are saving, over 36 percent are in 529 plans, up from 31 percent last year. More are saving a fixed amount each month 48 percent up from 43 percent; and more (39 percent) have saved over $15,000, compared to 35 percent last year. Additional findings: 78.4% plan on receiving financial aid, versus 80% 70.5% of students expect to get scholarships, similar to last year 2 C OLLEGE SAVINGS FOUNDATION

3 THE GOOD NEWS: HIGH SCHOOL STUDENTS SHOW BETTER SAVINGS HABITS Have you decided that you want to save money for college or post-secondary school? Nearly threequarters of High School students are saving. 38% 8% 38% 18% 20% Of those, more students are getting jobs to help with savings. 53% have jobs compared to 46% last year. Have you gotten a job in order to earn money so you can save for college or post-secondary school? 53% 4 46% 54% Have you begun saving for college or post-secondary school? Of all High School students,more have started saving: 49% 51% 45% 55% 49%, up from 45% last year. How much have you saved? 7 of savers have $1,000 already up from 72% last year. 31% have saved more than $5,000, up from 26%. Less than $1,000 19% 4% $1,000 - $5,000 46% 31% Greater than $5,000 Less than $1,000 $1,000 - $5,000 46% 26% Greater than $5,000

4 2013 Do you know what a 529 college savings plan is? How are families saving? Nearly 29% through 529 College Savings Plans., I am using one, my parents are using a % 24% 4, I do not 20% 4% 10% 65% I have heard of it but need to understand more Have you planned on using your own funds to pay for part or all of your college or higher education costs? 6 of students intend to cover college costs. 24% 11% 22% 24% 41% 12% What percent of your total education costs are you planning on using your own funds for? will use their funds to cover 26-50% of costs, up from 35% last year. 26% - 50% 41% Less than 25% 26% - 50% 35% 46% Less than 25% 16% Greater than 50% 19% Greater than 50% 4 C OLLEGE SAVINGS FOUNDATION

5 2013 Do you plan to work while attending college? How will they cover college costs? By getting a job. 59% plan to work in college and 34% may work. 59% 34% Maybe Will work at college or post-secondary school affect your status of attending full v. part time? 51% will attend full time and work., I can attend full time and work 51% 20% 29%, I will have to attend part time, I can attend full time but will have less time to study Do you feel this decision will affect your long-term career goals? But 45% think working will be a good experience., it will be a good experience 45%, it will slow my progress 32%

6 MAKING THE TRADE-OFFS FOR HIGHER EDUCATION What are your future education plans? Fewer students are headed to Private College 1, down from last year. 4 of High School students are headed to Public College, up from 45%. Private College 1 4 Public College Private College ne 8% Other 4% 5% Vocational 19% College 45% Community College Public College 19% ne Other 5% 5% 5% Vocational College Community College Have you foregone things (i.e. electronics, car, vacation) in order to save for college? Of those students who are saving, 59% are willing to give up a car or electronics, up from 56% last year. 59% 41% 56% 44% Do you plan on borrowing money to attend college/postsecondary school? Students are resigned to borrowing 66% versus 63% last year. 26% 40% 20% 14% 42% 14% 6 C OLLEGE SAVINGS FOUNDATION

7 2013 Are you concerned with the debt burden you may be faced with after college or higher education? Nearly 80% of students are concerned with student debt. Definitely yes 44% 35% Definitely no 8% 13% Would you feel better about college debt if you had savings? 79% would feel better about debt if they had savings., but I wish I had more savings 35%, and I am saving 13% 8%, I can t save enough, but I wish my parents had more savings Have you researched any type of student loans? More have researched student loans versus 31% last year. 64% 31% 69% Have the costs of school influenced your further education plans? 78% of High Schoolers say costs affect their higher education choices. 31% 4 22% 30% 48% 22%

8 Have costs been a factor in deciding whether or not to attend college? 68% say costs affected whether or not they attend college. 29% 39% 25% 26% 40% 28% 6% Almost 64% say costs will affect whether they go part or full time, up from 60% last year. Have costs been a factor in deciding to attend college part time versus full time? 2 26% 11% % 61% say costs affect their choice to attend vocational school, up from 54% last year. Have costs been a factor in deciding whether or not to attend vocational or career schools? 3 24% 11% 28% 18% 34% 12% Have costs been a factor in choosing your major (i.e. picking a major because it has a higher starting salary)? Nearly 59% say costs affect the choice of a major, versus 51% last year. 28% 14% 15% 34% 15% 8 C OLLEGE SAVINGS FOUNDATION

9 Have economic conditions influenced your college plans? 42% said that economic conditions mattered, up from 34% the year before. 42% 16% 42% 34% 29% of students expect to use online courses to reduce college costs. Are you considering taking courses from an online university to reduce your overall costs? 29% 71% OTHER PEOPLE S MONEY: FAMILY AND SCHOLARSHIPS Are you expecting to receive money for college from relatives? Students showed a greater reliance on relatives 46% versus 41% last year. Definitely 35% 11% 24% 30% Definitely Definitely 29% 12% 32% 2 Definitely Students are expecting more money from them: 41% expect $5,000 or more, compared to 29% last year. $5,000- $15,000 $15,000- $30,000 If you are expecting to receive money from relatives, how much money are you expecting to receive? 24% 12% 5% Greater than $30,000 31% 28% Less than $5,000 $5,000- $15,000 18% $15,000-6% $30,000 5% Greater than $30,000 33% 3 Less than $5,000

10 Do you plan on/or are you receiving a scholarship to attend college/post-secondary school? Over 70% expect scholarships. 28% 8% 44% 26% 9% Do you plan on receiving financial aid to attend college/post-secondary school? 78% expect financial aid. 35% 15% 13% 3 TEACHING CHILDREN WELL: WHERE STUDENTS GET GUIDANCE 2013 Who is advising your family on college planning issues? Students are learning from family and guidance counselors. Financial Advisor College coach or paid tutor 5% 19% 33% 39% Family members 4% Friends Guidance counselor Have you talked to your parents about their involvement in funding your college education? 68% of students talk to their parents. 68% 32% 70% 30% 10 C OLLEGE SAVINGS FOUNDATION

11 Are your parents saving for you to attend college? Of those parents, 68% are saving, up from 63% last year. 68% 11% 63% 20% 1 How are your parents saving? of saving parents used a 529 college savings plan, up from 31% last year. Savings Account 529 College Savings Plan Education Savings Account Brokerage Account 6% 10% 31% Savings Account 33% 529 College Savings Plan 31% Education Savings Account Brokerage Account 8% 8% I don't know 16% Percent Are they saving a fixed amount per month? Nearly half, 48%, are saving a fixed amount per month, up from. 48% 15% 3 33% How much have they saved? Savings are higher among these parents: 39% have saved more than $15,000, up from 35% last year. Less than $5,000 11% $5,001-$15,000 $15,001-$30,000 Greater than $30,000 I don't know 18% 18% 32% Less than $5,000 14% $5,001-$15,000 $15,001-$30,000 1 Greater than $30,000 18% I don't know 28% Percent

12 ABOUT THE STUDENTS 2013 What is your education to date? What year are you in high school? Junior 48% 32% 15% 25% 3 High School- Public 90% 6% 4% High School-Private Home Schooled Sophomore Senior 2111 Wilson Blvd, Suite 700 Arlington, VA

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