Insights — Cost and Financial Aid Increasingly Important in College Choice

Cost and Financial Aid Increasingly Important in College Choice

Thought leadership / March 01, 2014
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The 2013 CIRP Freshman Survey, out this week, shows the increasing importance of cost and financial aid in students’ college choice. The survey, administered annually by UCLA’s Higher Education Research Institute (HERI), shows that academic reputation and the ability to get a good job after graduation remain the top reasons for choosing a particular college. But 46% of students cited cost as a “very important” factor in their decision, up 15 percentage points from 2004. In addition, 49% (the highest in the item's 42-year history on the survey) said the financial aid offer was “very important” in their decision. Other key findings:

  • Fewer students are enrolling in their first-choice institution. Among the top reasons for not enrolling at their first choice? Not being offered financial aid and being unable to afford the cost of attendance.
  • Students are submitting more college applications. More than half had applied to three or more institutions in addition to their current institution.
  • Online education has a place, but it’s not a replacement for a traditional college experience. Overall, few incoming freshmen said there is “a very good chance” they will enroll in online courses while in college. However, of students who had frequently used online instructional websites in the past, nearly 30% said there is “some chance” or a “very good chance” they will take an online-only course at their college.

Download the full report or research brief for more details.

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