In July 2024, ScholarshipOwl continued our on-going deep dive into studying if this yr’s college-bound Gen Z have the funds wanted to pay for faculty within the 2024-25 faculty yr. Even though the Fall tuition invoice will likely be due in August for many school college students, we discovered that simply 5% of scholars have secured the funds essential to pay for faculty this yr. This information may be very disappointing, but additionally unsurprising, because of the regularly rising value of school, in addition to on-going inflation woes. In reality, the Training Information Initiative studies that over the previous twenty years, the price of school tuition and costs at public universities has risen 179%.
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Our survey additionally demonstrates that even MORE college students are struggling to afford school in comparison with final month’s surveythat discovered that solely 10% of scholars have the funds wanted to pay for faculty this yr.
But there may be constructive information arising from our survey as properly – we will see that Gen Z is resilient and intelligent, as most of our respondents have developed a multi-pronged technique for elevating the funds wanted to attend school this yr.
Who participated within the survey?
In July 2024, ScholarshipOwl surveyed highschool and school college students on the ScholarshipOwl scholarship platform to study extra about their monetary preparedness for faculty. A complete of 13,345 college students responded.
Among the many respondents, 64% had been feminine, 35% had been male, and 1% recognized themselves as a special gender id or most well-liked not to reply to the query. Almost half (42%) had been Caucasian, 29% had been Black, 17% had been Hispanic/Latino, 6% had been Asian/Pacific Islander, 2% had been American Indian/Native American and 5% chosen “different” or most well-liked not to reply to the query.
Over one-quarter (27%) of the respondents had been highschool college students, with the overwhelming majority highschool seniors; practically two-thirds (60%) had been school undergraduate college students, primarily school freshmen and school sophomores; 9% had been graduate college students and 4% recognized themselves as grownup/non-traditional college students.
Survey subjects
Availability of the funds Gen Z college students want for faculty
We started the survey by asking a qualifying query, in order that we may be certain that a lot of the respondents had been planning to attend school within the coming faculty yr. We requested college students, “Will you be attending school in 2024-25?”
We then requested, “Do you come up with the money for to cowl school prices for the 2024-25 faculty yr? Among the many college students who’re planning to attend school in 2024-25, simply 5% reported that that they had secured the funds wanted to pay for faculty within the coming faculty yr, whereas the overwhelming majority (95%) indicated that that they had not.
How Gen Z college students are planning to “fund their hole” to have the ability to afford school this yr
Our subsequent query was, “Should you don’t presently come up with the money for to cowl school prices for 2024-25, which of the next are you doing to make up the distinction? Choose all that apply.”
Among the many college students who will attend school in 2024-25, the overwhelming majority chosen a couple of reply, indicating that they’re taking a multi-pronged method to safe the extra funds wanted.
A few of these approaches are extra constructive:
- 100% are making use of for scholarships
- 59% are working at a summer time job
- 45% are working a number of facet hustles (meals supply driver, rideshare driver, dog-walker, babysitter, handyperson, freelance work, getting paid as an influencer, and so forth.)
- 61% are on the lookout for a part-time job they’ll work throughout the faculty yr
- 12% will likely be enrolling in group school moderately than a 4-year college to avoid wasting prices
Whereas different approaches could have long-term adversarial monetary affect on themselves and their households:
- 53% are taking out federal pupil loans
- 26% are taking out personal pupil loans
- 38% are asking household or associates to offer extra monetary help
How way more cash Gen Z college students want to have the ability to pay for faculty this yr
Our remaining query was, “If you may be enrolled in school in 2024-25, roughly how a lot cash do you continue to have to provide you with to have the ability to pay for faculty this yr?”
Among the many college students who will attend school in 2024-25:
- Simply 2% stated they have already got sufficient funds
- 23% want $100 to $5,000
- 26% want $5,000 to $10,000
- 16% want $10,000 to $15,000
- 12% want $15,000 to $20,000
- 10% want $20,000 to $30,000
- 5% want $20,000 to $40,000
- 3% want $40,000 to $50,000
- 4% want greater than $50,000
Key takeaways
The outcomes of this survey proceed to stun. Simply 5% of respondents have secured the funds wanted to pay for faculty in 2024-25, although faculty begins in August for many college students. Whereas most college students indicated that they’re making use of a number of approaches to acquire the funds wanted, the bulk included taking out federal and/or personal pupil loans as a part of their answer. Their households may even be impacted, as greater than one-third (38%) expect that their household/associates will present extra monetary help to assist them obtain their dream of going to varsity.
Regardless of this unlucky information, college students proceed to persevere and are taking constructive steps to build up the funds wanted, which can assist them scale back their reliance on pupil loans and help from household and associates:
- All respondents are utilizing their very own revenue to assist pay for faculty – this contains college students who’re working this summer time and/or who plan to work whereas they’re at school.
- All respondents are actively making use of for scholarships to earn cash for faculty.
How can Gen Z college students guarantee they’ll afford school in 2024-25 and past?
There are a selection of steps that college students can take to make sure they’ve an inexpensive path to varsity:
- Prioritize making use of for scholarships with ScholarshipOwl. Apply for scholarships all summer time lengthy, and all through the varsity yr.
- Work part-time throughout the faculty yr and full-time throughout breaks. Save your earnings to make use of on your school training.
- Submit the FAFSA yearly for yearly that you just’ll be in school, starting in your senior yr of highschool, and persevering with to submit it yearly till you full your school training. The FAFSA opens on October 1st every year.
- While you obtain your monetary support affords, examine them and concentrate on selecting probably the most inexpensive school. In case your first-choice faculty provided you a much less monetary support and scholarships than different faculties provided, contact your most well-liked faculty to see in case you can negotiate your provide to 1 that’s extra inexpensive for you.
- At all times contemplate beginning at a group school, which affords a very inexpensive choice – and don’t overlook that group schools additionally provide federal and state grant support, and so they additionally provide scholarships. So even if you’re planning to attend group school, at all times submit your FAFSA and at all times apply for scholarships!
REMEMBER: Pupil loans ought to at all times be a last-resort choice for paying for faculty. Deal with debt-free sources that may allow you to graduate with out the burden of owing 1000’s of {dollars} for faculty! Deal with making use of for scholarships and jobs, NOT loans, so to graduate debt-free. There IS an inexpensive path to varsity – for additional data, and to start out making use of for scholarships, go to www.scholarshipowl.com.
Director of Outreach & Advocacy
As a guardian who just lately helped her personal youngsters embark on their school journeys, Jennifer approaches the transition from highschool to varsity from a singular perspective. She really enjoys participating with college students – serving to them to construct the arrogance, information, and perception wanted to pursue their instructional and profession objectives, whereas additionally empowering them with the methods and expertise wanted to entry scholarships and monetary support that may assist restrict school prices. She understands the significance of making certain entry to the edtech instruments and assets that may make this course of simpler and extra equitable – this drive to help underserved populations is what drew her to ScholarshipOwl.
Jennifer has coached college students from around the globe, in addition to in-person with native college students in her personal group. Her areas of focus embody profession exploration, main choice, school search and choice, school software help, monetary support and scholarship session, essay assessment and suggestions, and extra. She works with college students who’re on the high of their class, in addition to those that are struggling. She firmly believes that each one college students, no matter their circumstances, can succeed in the event that they keep centered and work exhausting at school.
Jennifer earned her MA in Counseling Psychology from Nationwide College, and her BA in Psychology from College of California, Santa Cruz.
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