Women hold more student debt and take longer than men to pay it off, according to a recent report from the American Association of University Women.
“It’s encouraging that women are enrolling in college more than ever before, but at the same time they are taking on larger amounts of debt to pay for their dreams,” AAUW researcher Kevin Miller said in a press release. “Because of factors like the gender pay gap, debt that could be manageable ends up becoming unmanageable, particularly for women.”
Women now earn 57 percent of all bachelor’s degrees awarded by US colleges, but hold almost two-thirds of the country’s $1.3 trillion student debt.
Many of us working with students in the college search and selection process struggle to help families understand college affordability. While most students will not pay the full cost of attendance, many will use sticker price to eliminate colleges from their list before they have the chance to weigh financial aid packages and scholarship offers.
What are best practices in talking to students and families about financial aid, student debt, and fit and finances? How do we best explain longer-term benefits beyond financial gain, inherent in the value of higher education, to high school juniors and seniors? How do we address the value of borrowing for college?
Spring is a season of mixed emotions for school counselors. As students come in to share the exciting news of college acceptances and generous scholarships, an equal number of families come in with questions that are harder to answer:
“What more were they looking for?”
“Don’t they know this isn’t enough to cover my needs?”
“Why does college cost so much?”
It turns out this last question has a pretty clear answer—it’s complicated, but it’s clear.
“It doesn’t have to cost this much, if you start at a community college and transfer.”
New York Times bestselling author Wes Moore launched BridgeEdU with one goal in mind: To increase college access and completion rates for low-income and first-generation students.
The program, which began in Baltimore in 2014, uses a high-tech, high-touch academic support model to help students transition during their first year of college. But as Moore and his staff quickly discovered, the complex process of applying for financial aid can create roadblocks for even the most motivated students.
Case in point? Although all members of the inaugural class of BridgeEdU scholars reported that they had applied for financial aid, the staff soon discovered that a whopping 75 percent hadn’t completed the FAFSA, and most of the students had not created accounts with Maryland’s state grant agency.
The experience inspired BridgeEdU staff to create YesU — a mobile app released in 2016 that offers customized step-by-step support to students across the nation as they apply for financial aid.
A new study confirms what many admission professionals already know —students are cost-conscious when selecting a college.
Nearly 19 percent of students who turned down the chance to attend their top-choice school in 2016 did so because of the cost of attendance, according to new data from Royall & Company, a firm that assists colleges with enrollment management and fundraising.
“I think enrollment leaders and the public in general have had a suspicion that cost factors were driving a lot of enrollment decisions,” Royall’s Managing Director Peter Farrell told Inside Higher Ed. “This verifies it in an empirical way.”
Educators, advocates, Hill staffers, and students gathered in Washington, DC, earlier this month to learn more about efforts by the National College Access Network (NCAN) to simplify the Federal Application for Free Student Aid (FAFSA).
For example, on one track, once a student has confirmed that their family earns a means-tested benefit such as SNAP (food assistance) or TANF (cash assistance), they are automatically sent to the signature portion of the form.
Earlier this month, NACAC research associate Tara Nicola attended the annual meeting of the Association for the Study of Higher Education (ASHE) to present NACAC work as well as stay abreast of the latest research in the field. This is the first in a series of posts highlighting exciting research relevant to admission and high school counseling professionals.