Everybody wants to succeed in college and save money, right? So why are students and their families making decisions that do just the opposite?
Lack of knowledge, is the short answer.
A new report by ideas42, a nonprofit behavioral design consultancy, discovered a few disturbing trends in students’ decisions as they enroll. Here are just a few.
Overly pessimistic assumptions (causing students to miss out on golden opportunities)
1. We all know college debt is bad, but half of prospective students overestimate how bad by 50%
2. Students and parents overestimate college costs by as much as 200%
3. Students who over-predict the net costs of colleges (or report not knowing net costs at all) are significantly less likely to apply to selective colleges (like Harvard)
Just plain bad news
4. Students are overwhelmed trying to compare hundreds of colleges
5. Many students choose colleges based on distance from home (i.e., where most of their friends are going) rather than far more important factors like graduation rate and average student debt at the college
6. 26% of two-year students report living paycheck to paycheck
7. 31% of students that dropped out said they left because of financial reasons
8. 24% of millennials think their student loans will be forgiven (!)
And this doesn’t even include the repercussions of college debt—repercussions that could last decades.
Do you spot yourself anywhere in these stats? Does searching for the right college at an affordable price ever feel like swinging at a piñata? It doesn’t have to.
We created Find Your Calling as a free resource for students to find careers that suit their personalities, colleges they can afford, and programs that will help prepare them for their future. Find Your Calling grabs the above problems by the horns. It turns the daunting task of comparing hundreds of colleges and programs and and tuition prices into a simple, manageable process that gives students confidence they’ve made the right decision every step of the way.
Want more? We’ve got more! Get to know FYC, our vision, and how (and why) to use the free website with the articles below. Visit Find Your Calling and create a free profile today.