Nearly six in ten students (59%) are personally saving for their higher education costs.
Students Taking Action to Afford Rising Higher Education Costs
As the price of higher education continues to climb, nearly six in ten students (59%) are personally saving to help cover their future college expenses. Additionally, just over half (57%) of students plan to pay for part or all of their education, with one in four indicating they will cover the full amount themselves, highlighting the growing financial burden many students are preparing to shoulder as they plan their academic journeys.
More Students Planning to Work During School to Offset Expenses
This year, almost all (85%) students said they plan to work either full- or part-time while attending classes, a rise from 80% last year. Notably, one-quarter (28%) report they will work full-time during their studies, up from 24% the previous year. In addition to working, a majority (69%) expect to live at home to reduce costs. These measures illustrate how students are increasingly adapting their lifestyles to manage the rising cost of education.
Families and Borrowing Play Key Roles in Financing Education
Students indicate that a majority (68%) of parents are also saving for higher education costs, providing additional financial support. However, despite these efforts, 70% of teens are planning on or considering borrowing money to fund their education. Concerns about future debt are significant, with two-thirds (67%) of respondents saying they are very concerned, somewhat concerned, or concerned about paying back student loans.
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Research publisher
CSF is a Washington, D.C.- based not-for-profit organization helping American families achieve their education savings goals for a lifetime.
Methodology
The CSF 16th Annual Youth Survey was conducted by survey monkey with parental permission among more than 1,000 high school students across the country.
