With college costs skyrocketing, a new survey conducted by CampusUniverse shows that 62% of students surveyed have student loans or aid to repay in some form. The survey was conducted between October 18-23rd, with a sample size of 500 respondents. This year, in the United States, outstanding student loan debt will reach $1 trillion dollars.
The survey reveals that these students are also getting help from their parents 22.3%, working full or part-time 18% and relying on scholarships 16.5% to help supplement their college bills in addition to loans and aid. Of those surveyed with qSample’s Campus Universe research panel, 82% indicates their loans are provided by the federal (59%) and state (23%) government entities with the majority of money owed per student ranging between $0 – $29,999.
Some of these students, over 30%, anticipated their loan to be paid off in 5-10 years, while 27% are not sure how long it will take to pay back their loans in this uncertain economy. It is estimated that only half of recent college graduates are working in full time jobs.
This survey was conducted with students in each grade level, and 67% consider their amount of debt manageable, with the remaining students worried that their debt is an unmanageable amount.
In fact, 31% of participants indicated that they worry “all the time” about the amount of debt they have incurred in pursuit of higher education. Forty-eight percent of the students worry “sometimes” and the remaining 21% “never” worried or are “not really” worried about their ability to repay their student loans.
Most people who could relive their college days would make different decisions on a variety of topics. This survey indicated that 44% of students would make different choices to incur a smaller loan amount. That is a big life lesson to learn the hard way from your college experience.
Campus Universe is an online community of on and off campus college students who have opted-in to participate in various college research studies. The panel is developed and managed by qSample, in partnership with Campus Entertainment.
To learn more about the college student panel, go to www.campusuniverse.com.
Rudly Raphael is president of qSample – a Chicago based research firm that specializes in developing and managing specialty panels and research communities.