Skip Navigation Links

Blog

Survey Shows Students Lack Accurate Financial Aid Information

May 25, 2010

by Agnes Jasinski

A recent survey of high school students found that students are not only ruling out certain schools based on “sticker price” alone, but that many also overestimate how much financial aid they will be receiving to attend the college of their choice.

According to the survey, the high school seniors who participated were starting their college searches with inaccurate information on financial aid basics, the net cost of college, and general comparison shopping. The findings came from “Student Poll,” an initiative from the College Board and the Art & Science Group marketing firm that polled more than 1,600 high school seniors between November 2009 and January 2010.

An article in The Chronicle of Higher Education on the survey suggested something needed to be done to address students’ perceptions on the costs of college. Although the federal government will soon require all schools to provide prospective students with net-tuition calculators that will offer those students a clearer picture on what they would pay in tuition after any scholarships and grants, many of the respondents in this survey said they were not using similar calculators already available. Of those who did use calculators, most came from wealthier families; students from low-income families were less likely to use them.

The survey also found the following:

  • Nearly 60 percent of students reported looking only at the sticker price of an institution before taking financial aid into account; 28 percent had considered the net tuition price of a school after taking into account what they might receive in financial aid.
  • Related to parents’ influence on college choice, 26 percent of students said their parents insisted they attend the most affordable option, 40 percent said their parents insisted they apply to a more affordable school, and 22 percent said their parents ruled out a school that was outside their budget.
  • About 64 percent of white students expect to receive merit aid; about 50 percent of Hispanic and 45 percent of African American students expect to receive merit aid.
  • About 60 percent of students who scored 1250 or higher on the SAT expect to receive merit aid.
  • Students expect grants and scholarships to cover 35 percent of their college education costs, loans to cover 21 percent, family or personal savings to cover 17 percent, and another 24 percent to come from their own or their parents’ earnings during college.

Despite the wealth of information out there, it seems that high school students are still unprepared and not equipped with realistic expectations when it comes to navigating the financial aid process. Are you nervous about where you should start? Check out the college cost calculators we provide, and cultivate relationships with financial aid administrators, as you can never be too prepared when it comes to determining how much your education will cost, and you’ll pay for it once you’ve got that information.


Leave a comment

Please Login or Register in order to add a comment.
0 Comment(s)

Recent Posts

Tags

ACT (19)
Advanced Placement (24)
Alumni (16)
Applications (76)
Athletics (17)
Back To School (72)
Books (66)
Campus Life (444)
Career (115)
Choosing A College (42)
College (920)
College Admissions (225)
College And Society (271)
College And The Economy (331)
College Applications (141)
College Benefits (282)
College Budgets (205)
College Classes (437)
College Costs (454)
College Culture (549)
College Goals (386)
College Grants (53)
College In Congress (78)
College Life (501)
College Majors (213)
College News (504)
College Prep (165)
College Savings Accounts (17)
College Scholarships (129)
College Search (110)
College Students (377)
College Tips (99)
Community College (54)
Community Service (40)
Community Service Scholarships (26)
Course Enrollment (18)
Economy (97)
Education (24)
Education Study (28)
Employment (36)
Essay Scholarship (38)
FAFSA (49)
Federal Aid (86)
Finances (68)
Financial Aid (362)
Financial Aid Information (39)
Financial Aid News (32)
Financial Tips (35)
Food (44)
Food/Cooking (27)
GPA (80)
Grades (91)
Graduate School (54)
Graduate Student Scholarships (19)
Graduate Students (63)
Graduation Rates (38)
Grants (61)
Health (38)
High School (128)
High School News (62)
High School Student Scholarships (144)
High School Students (260)
Higher Education (110)
Internships (525)
Job Search (168)
Just For Fun (96)
Loan Repayment (33)
Loans (39)
Military (16)
Money Management (134)
Online College (20)
Pell Grant (26)
President Obama (19)
Private Colleges (34)
Private Loans (19)
Roommates (99)
SAT (22)
Scholarship Applications (154)
Scholarship Information (142)
Scholarship Of The Week (228)
Scholarship Search (183)
Scholarship Tips (71)
Scholarships (362)
Sports (61)
Sports Scholarships (21)
Stafford Loans (24)
Standardized Testing (45)
State Colleges (42)
State News (33)
Student Debt (76)
Student Life (501)
Student Loans (130)
Study Abroad (66)
Study Skills (214)
Teachers (94)
Technology (111)
Tips (480)
Tuition (92)
Undergraduate Scholarships (35)
Undergraduate Students (154)
Volunteer (45)
Work And College (82)
Work Study (20)
Writing Scholarship (18)

Categories

529 Plan (1)
Back To School (351)
College And The Economy (464)
College Applications (244)
College Budgets (333)
College Classes (549)
College Costs (705)
College Culture (904)
College Grants (132)
College In Congress (123)
College Life (870)
College Majors (323)
College News (825)
College Savings Accounts (55)
College Search (383)
FAFSA (108)
Federal Aid (118)
Fellowships (23)
Financial Aid (639)
Food/Cooking (76)
GPA (277)
Graduate School (106)
Grants (71)
High School (482)
High School News (208)
Housing (172)
Internships (564)
Just For Fun (202)
Press Releases (1)
Roommates (138)
Scholarship Applications (184)
Scholarship Of The Week (303)
Scholarships (548)
Sports (73)
Standardized Testing (58)
Student Loans (220)
Study Abroad (60)
Tips (744)
Uncategorized (7)
Virtual Intern (531)

Archives

< Mar April 2014 May >
SunMonTueWedThuFriSat
303112345
6789101112
13141516171819
20212223242526
27282930123
45678910

Follow Us:

facebook twitter rss feed