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Trend Truth: High-Cost Education

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84% of students depend on some kind of financial aid. What are the implications for the cost of higher education? What impact will this growing trend of debt have on purchasing habits?

84% of students depend on some kind of financial aid. What are the implications for the cost of higher education? What impact will this growing trend of debt have on purchasing habits?

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Trend Truth: High-Cost Education Trend Truth: High-Cost Education Presentation Transcript

  • TrendTruth: High-Cost Education 84% of students now rely on financial aid in some capacity. How does this impact the cost of education?
  • Financial aid is now commonplace.
    • September ’09: Wall Street Journal reports that student borrowing grew 25% in 2009
    • FGI SmartPanel survey data shows 84% of respondents qualified for, used Financial Aid
    • Gender distributions were fairly equal
    • Diverse age and ethnic demographics suggest that rising costs of education impact all kinds of students
  • Where does the money come from?
  • “ From which of the following sources did you receive aid? Check all that apply…”
  • Who Uses Financial Aid?
    • All age groups:
      • Between 80-90% of students between 18 and 34
      • For those over 35, the number was around 65%
    • All ethnic backgrounds seeking aid
      • 95% of Hispanic respondents
      • 85% African-American respondents
      • 85% White respondents
      • 63% Asian respondents
    • 83% of men. 85% of women.
  • Social media is a source of information.
    • 34% learned about financial aid on Facebook
    • 23% sought info from YouTube
    • 15% got information from MySpace
    • 13% used Twitter
    • 12% read about student loans on blogs
  • Effects of student debt linger.
    • “ What is the total dollar amount of the student loans you borrowed to help pay for your education?”
  • Coping with Debt
    • 65% said they changed their small spending habits (i.e. leisure activities, food, etc)
    • 31% postponed major decisions like marriage or starting a family
    • 40% cut back on travel
    • 22% said their choice of employment changed
  • Other Sources of Aid Work Study 42% qualified and used 18% qualified but did not use 41% did not qualify Grants 62% qualified and used 10% qualified but did not use 31% did not qualify
    • Scholarships
      • 62% qualified and used
      • 10% qualified but did not use
      • 30% did not qualify
  • Actionable Insights
    • Students change purchasing habits to cope with debt, which impacts businesses
    • Marketers must know what will attract their business: pricing, branding, advertising
    • Draw data from social media, online research communities, focus groups, surveys to see what certain demographics want, then act on those insights
  • How do we know this?
  • Survey Methods
    • Date of Survey: 9/22/2009
    • Respondents: 143
    • Sample Source: FGI SmartPanel
    This nationally-representative sample consists of adults aged 18 and up and is balanced to the US population using recent census data. One can say with 95% confidence that the maximum margin of sampling error is ±4 percentage points.
  • Why FGI
    • Custom online panels
    • Branded online communities
    • SmartPanel: 100,000+ panelists
    • SmartPanel Community
    • Human experts who handle each step of the process with you and your customers in mind
  • FGI Research: custom panels, research experts, dynamic approach.
    • This TrendTruth is produced by FGI Research. Learn more about the market trends online at our TrendTruth blog…
    • … or follow us on Twitter!
    • @TrendTruth
    • www.fgiresearch.com/category/trend-truth/