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Over the past year, many high school students have drastically changed their expectations for the future.
This year, more and more students are getting back on their feet.
Almost two-thirds of parents, or 63%, said their child’s post-secondary plans are back to what they were before the global pandemic, according to a report from Discover Student Loans.
Of those who changed their college plans, most said they will now go to a school closer to their home, attend an online university, or go somewhere cheaper.
Discover surveyed 1,000 parents of college students in May.
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When Covid crippled the economy, a quarter of last year’s high school graduates delayed their college plans, according to a separate survey by Junior Achievement and Citizens, in large part because their parents or guardians were less able to provide financial support.
Even now, cost remains a major concern. Although around 40% of parents said their ability to help pay has improved since the same period last year, 63% remain concerned about having enough money for higher education, discovered Discover.
The affordability of colleges and the management of the debt burden that often comes with a degree is the main concern of parents and students, The Princeton Review also found in its 2021 College Hopes & Worries survey.
Meanwhile, the price only keeps going up.
Tuition and average fees for the 2020-21 academic year increased 1.1% to $ 10,560 for state students at four-year public colleges, according to the College Board, which tracks college pricing trends and student aid. The data also showed that tuition and fees at private four-year institutions rose 2.1% to $ 37,650.
Most students have to borrow to cover the cost, which has already propelled total student loan debt in the United States beyond $ 1.7 trillion.
Going forward, a 2021 high school graduate could take up to $ 38,147 in student loans, on average, according to a recent NerdWallet analysis of data from the National Center for Education Statistics. That’s up from $ 37,200 for 2020 high school graduates.
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