60 percent of prospective college students report changes in their families’ financial situations

Financial challenges and uncertainty remain top of mind for many incoming college students and their families. In a survey for our upcoming report, The E-Expectations for College Net Price Calculators, nearly two-thirds of college-bound high school students indicated a significant change to their family’s financial situation in the last 12 months.

Among the most prominent changes were unforeseen personal expenses—such as medical care costs or car repair/replacement, costs incurred by other family members enrolling in a continuing education program, or a parent changing jobs.

Notably, 17 percent of students also reported that one or more of their parents had lost a job in the past 12 months.

These uncertain economic conditions present heightened challenges for families who are evaluating colleges while still coping with the effects of the economic downturn. For campuses, this means an increased need to understand the hurdles facing prospective students and in turn provide services and information that help them meet these challenges and succeed.

Has your campus taken steps to help students who are facing financial uncertainty? Send us an e-mail to get in touch with a consultant who can help you develop strategies for assessing student needs and providing relevant assistance.