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Economy Changing Plans for College Students

Economy Changing Plans for College Students

Tulsa World via Yellowbrix

August 24, 2009

HOUSTON — One-third of students are changing their college plans because of the economy, according to the 2009 Back to College survey.

The nationwide survey, conducted by Money Management International, a nonprofit full-service credit counseling organization, measured the toll of the economy on students’ plans for attending and paying for college.

Tuition, room, and board for the average undergraduate student in the 2007-2008 school year was $11,578 at a public institution ($29,915 at a private school), according to the National Center for Educational Statistics. That price, combined with the sluggish economy, is too much for 33 percent of those surveyed.

One-third of respondents say they are changing their college plans. Of those, 38 percent plan to attend a less expensive school, 35 percent plan to go to a community college to complete basic courses, and 31 percent have decided to attend school closer to home.

Only 4 percent of students are postponing college, while 8 percent have canceled their college plans.

Students, it appears, are shouldering more of the financial burden. Parents, less able to offer financial assistance, are passing the financial responsibility on to students. Of those surveyed, 86 percent believe students should apply for scholarships and/or grants to fund college costs.

Amber Collins, a sophomore at Louisiana State University, is a recipient of the Bill Gates Scholarship, which offers students as much as $50,000 a year to pay for school and living expenses. Collins took advantage of fastweb.com, a Web site that uses students’ demographic and educational information to match them to scholarships and grants they are eligible to receive. Collins says she worked hard for her scholarship in high school.

“I earned a 3.5 GPA, got involved in a great internship at the Houston Chronicle, and focused on my future so I could attend the college I wanted without worrying about money,” she said.

“For students who want the freedom to attend the college they want in the current economy, striving for academic excellence in high school and setting clear goals for the future should be a top priority,” said Cate Williams, vice president of financial literacy for MMI.

“There are many options available to help students and their parents pay for school — the key is to do the research.”

Originally published by Wire Reports.

© 2009 Tulsa World. Provided by ProQuest LLC. All rights Reserved.