Economic Crisis Now Blamed for Drastically Changing College Preferences, New Study Says

Many Students Delaying Higher Ed Due to Lack of Funds

Highland Park, IL, October 13, 2008 – A new study of over 2,500 prospective college students nationwide indicates that the economic downturn is dramatically affecting enrollment with many having to delay academic plans or set their sights on less prestigious colleges.

The study was conducted by MeritAid.com, a new, free Internet service that provides data on over 2,000 colleges and over $11 billion in merit scholarships nationwide.  The students surveyed revealed some emerging trends resulting from skyrocketing tuition costs combined with the plummeting economy.

Among the findings of the MeritAid.com study:

• 16% of surveyed students said they are now putting their college searches on hold because they don’t think their families will be able to pay for college

• 57% said they are now considering a less prestigious college due to affordability

• 85% said they have increased time spent searching for scholarship money or merit aid programs to help pay for tuition, and just over half said they were depending on financial aid

• 48% said they are more concerned than ever about being able to afford any college at all

• 64% are very concerned about finding a job after college

• Some students said they were choosing a school close to home to save on fuel and housing costs, or changed their focus from a four-year college to a two-year college for financial reasons

“Financial fit has always been a major component of college fit. Now, financial fit is taking on even greater significance,” remarked Chris Long, COO and President of MeritAid.com. “Even if you are changing your college plans because of current conditions, know that there is a college out there that is right for you and that can fit into your budget.”

Read the rest of this entry »