PROVIDENCE, RI – (BUSINESS WIRE) – August 4, 2021–
After spending more than two semesters on the move, students and families look forward to a return to normalcy this fall on college campuses. However, the continuing rise in university costs worries and distrusts both students and parents.
In its fourth edition Student Loans Survey, which surveyed current and high school students, citizens found that a majority of high school students (69%) and current students (70%) said concerns about college affordability impacted their plans after high school and for college enrollment in fall 2021.
Research has also shown that concerns about public health and safety still exist, albeit down significantly from 2020. Fewer than 4 in 10 potential students (37%) said concerns about health and safety. public safety had a big impact on their post-secondary plans. , with an almost identical 36% of current college students, said such concerns had a big impact on their plans for fall 2021. This is a drop from the majority of high school students (55% ) and current students (53%) in the 2020 survey.
“Our annual survey has consistently shown that young adults worry about their future and the cost of education,” said Christine Roberts, head of student loans at Citizens. “We are seeing families embrace discussions about the cost of education sooner and it remains essential for financial institutions to continue to support their clients as they navigate these difficult family conversations.”
More than half (56%) of those who have already spent a semester in college expect their overall cost of attendance to increase this fall. Factoring in tuition, room and board, meal plans, travel costs to and from campus, and campus events and activities, families are expected to pay $ 8,700 more on average at fall 2021 compared to previous semesters. Faced with these rising costs, students and families are always on the lookout for additional tools to help them stay on budget. For example, nearly 2 in 3 respondents (65%) ranked the absence of overdraft fees as one of the top three characteristics of a potential student checking account.
Almost half (43%) of all families had specific discussions about paying for education as a result of Covid-19, up from 40% in 2020. Exactly half of those surveyed said they had had conversations during first two years of high school or earlier, with 20% reporting having had these discussions in grade 8 or earlier. Families who have been financially impacted by COVID-19 were much more likely to have discussed paying for education in recent months, with 58% of them saying COVID-19 sparked recent conversations. Only 6% of respondents said they had never had any family discussions about the cost of college education.
Weigh the uncertainties and the benefits
More than 4 in 10 potential students (43%) said mental health concerns had a big impact on their post-secondary plans, potentially exacerbated by extremely high waiting lists for new freshmen and students. labor market concerns. Current students are also feeling the impacts of the pandemic on mental health, as 42% said concerns about mental health had a big impact on their enrollment decision.
Almost a third (31%) of new freshmen in fall 2021 have been put on a waiting list for one or more of their top schools, while almost 4 in 10 (37% ) of potential high school students said worries about the job market had a big impact on their post-secondary plans. A majority (55%) of students currently enrolled in college or university said that a particular degree program they were interested in was a ‘must have’ when choosing where to enroll, slightly more important than the affordability (54%) as a “must have.”
The Citizens Made Ready for College Life Course Center is an online resource to help families overcome the fear and anxiety that entered the college search process. The bank is a leader in student loans and offers numerous loan options for credit-eligible students, graduates, and their families, including the Citizens Parent Loan, the Citizens Student Loan, and the Citizens Student Loan with multi-year approval. Additionally, through its Education Refinance Loan, Citizens is the only national bank to offer private and federal student loan refinancing options to borrowers eligible for credit.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $ 185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a wide range of retail and commercial banking products and services to individuals, small businesses, mid-market businesses, large corporations and institutions. Citizens helps clients reach their potential by listening to them and understanding their needs in order to provide tailored advice, ideas and solutions. In consumer banking, Citizens offers an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, credit, savings, wealth management and small business offerings. In commercial banking, Citizens offers a wide range of financial products and solutions, including loan and leasing services, deposit and cash management, currency risk management solutions, interest rates. interest and commodities, as well as loan syndication, corporate finance, mergers and acquisitions, and debt and equity market capabilities. More information is available at www.citizensbank.com or visit us at Twitter, LinkedIn or Facebook.
Survey Methodology: On behalf of Citizens Financial Group, Comperemedia, a Mintel company, conducted an online survey of n = 2,019 respondents, with n = 1,061 parents of current or prospective students and 958 students, including 433 students potential (aged 16 -18) and 525 current students. The survey was developed in 2020 to generate information that focuses on the effects of COVID-19 on college planning. This repeat of last year‘s survey was the second wave of research. Specifically, this research focuses on the impact of COVID-19 for those applying to college in the near future, or starting college under current conditions by talking to both students and parents. This research also focuses on the impact COVID-19 had on college students in the past term, and how this affected their decisions about continuing enrollment.
See the source version on businesswire.com: https://www.businesswire.com/news/home/2021080405179/en/
CONTACT: Bennett Griesmer
KEYWORD: UNITED STATES NORTH AMERICA RHODE ISLAND
INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES OTHER EDUCATION CONTINUING EDUCATION UNIVERSITY PRIMARY / SECONDARY EDUCATION
SOURCE: Citizens Financial Group, Inc.
Copyright Business Wire 2021.
PUB: 08/04/21 08:05 / DISC: 08/04/21 08:06