ST. LOUIS–College students and their parents aren’t just worried about returning to school this autumn due to the coronavirus pandemic, they are concerned over longer term issues, such as their health, job prospects and their financial situations, according to a new survey.
The survey, conducted by Clever, is based on feedback from 1,000 college students about how COVID-19 might affect their future, as well as feedback from 100 college administrators about their plans to address financial, health, and safety concerns voiced by students across the nation.
“With the fall semester around the corner, many students aren’t in the same financial situation they were last year, and many are concerned about changes to curriculum that might impact their education,” said Clever in releasing the survey results.
Among the findings:
Personal Finance Insights
• 46% of college students are moderately or extremely concerned about paying rent during the school year, and 29% of students with rental lease agreements weren’t able to get out of their lease for the school year despite trying.
• 48% of students are worried about paying for their tuition this year, likely as a result of lost income
• 36% of students said a parent lost income as a result of COVID-19 and it impacted their ability to pay for college and living expenses
• Lost personal and parental income have led to increased debt: 48% of college students are borrowing more as a result of COVID-19, and 33% of students are taking out an additional $10,000 in student debt this year compared to last, the survey found
• College students are 21% more likely to carry credit card debt and 33% more likely to have personal loans to help cover expenses this fall than they were in 2019, per Clever’s Student Debt Survey
Careers and Jobs Insights
• 71% of students believe COVID-19 will impact their ability to begin their career after college
• Students are struggling to maintain jobs that sustain them during the school year: one-in-four students lost their part-time job, and one-in-five lost their full-time job this year due to COVID-19
• Students are also having trouble finding new jobs to help boost their resume and pay for living expenses: 76% of students looking for jobs for the upcoming school year reported difficulty doing so
• Students’ biggest career concerns include missing out on internships (44%), missing out on networking events (41%), losing out on relevant job experience (38%), and fewer relationships with faculty and students that help their network (38%)
• Compared to students surveyed in May 2019, students in 2020 are 64% less likely to have a part-time job to help cover expenses, and 48% are worried they won’t be able to find a job during the school year
Education Insights
• Nearly 90% of students agreed that online courses should cost less than traditional, in-person classes. But less than 3% of colleges surveyed plan to reduce tuition in the fall despite the fact that most are introducing more online and hybrid courses to their catalogs, Clever said
• 39% of students only want to return to school if their college plans to take precautions, and 28% want to take only online classes. In fact, 42% of students have switched to online classes for the fall semester
• Students care more about their education than the social aspects of college: Students are most concerned about missing out on in-person education (47%) and the ability to interact with professors (46%)
• 74% of students believe online classes are more difficult but are less educational (81%) than in-person classes, and 88% believe online classes should be cheaper
Health Insights
• 31% of college students are extremely concerned about their health as a result of going back to school in the fall. Only 14% are not concerned at all
• Students are taking social distancing seriously: Over 90% of students said they would avoid social gatherings when back at school
• 17% of students are not confident at all in their school’s ability to enforce social-distancing measures on campus
• Nearly 20% of students aren’t confident in their peers’ willingness to comply with social-distancing safety measures
About The Rent
• More than 81% of students reported being concerned about their ability to pay rent in the fall semester
• Of the students who did have a lease for the fall, 75% attempted to be relinquished of the agreement, but only 45% were able to break it. That leaves nearly 30% of student renters stuck in leases they likely do not need or cannot afford
Other Concerns
• 34% said they’re relying on money from parents to help pay for school and expenses in the fall, but that income is far from guaranteed in the current economic climate. About 38% of those who expected some financial assistance from parents said their parent(s)’ loss of income has impacted their ability to pay for college or expenses
• About one-third of students are planning on using some scholarship or grant money to help offset expenses this fall, as well. Some (32%) of those students are worried their scholarship or grant money will be rescinded due to changes at the university level, like a switch to all online courses
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