A new survey undertaken by Sallie Mae, the financial services company (not the famous harlot from that blues song) and Ipsos which is a market research company. Rather troublingly, the word “Ipsos” has long been used in occult traditions not least the mystery religion Thalema but anyway… I’m sure the marketing company has nothing to do with that.
The unholy pairing released a new study recently and it contains fascinating information about the behavior of Americans when choosing their college. The national survey found that 83% of college students and families strongly agree that higher education is an investment in the future.
Thanks to further revelations by the survey, I can now tell you that today’s college students are paying a greater percentage of their fees than their counterparts from even just a few years ago. Just four years ago students paid 24% of the cost of their education. That figure is now at 30% with parents footing 37% of the bill, down from 45% four years ago.
The dramatically named, Albert Lord from Sallie Mae said, “Once again, we see that families recognize the value of a college education and that they are taking steps to keep college costs in line with their financial resources, data confirms again and again that the investment carefully made significantly enhances the lives and livelihoods of those who complete their education.”
The study has also found that cost effects family’s choice of university. Apparently, 69% of families ruled out colleges that were too expensive. Other costs were reduced by a higher proportion of student’s living at home or off-campus with roommates. Families now pay 5% less for college then they did in 2011 because more students are starting their education at community colleges to save money.
Clifford Young who is not an occultist but is director for Ipsos Public Affairs said, “This is really a tale of the resilient American family who still see the extreme value of a college education and are finding new and creative ways to pay for it.”
For the most part the decision on what college to attend comes from the student. Many of them are preparing to take the financial hit in order to attend their chosen college. In fact 61% of students were prepared to take on loans in order to do that. The survey found that more students are taking out loans than receiving grants and scholarships although the number of scholarships remains high. The numbers just reflect an increase in borrowing not a decline in outside funding.
35% of students carry a credit card with an average balance of $755 which is down on previous years. A third of students are taking out loans and 25% take federal student loans, 1% opt for private loans while 9% mix the two. Despite this, over 70% of students and their parents say that college is necessary to succeed in today’s world. Students expect to receive more money from their career once they have a degree.