The Recession Hits College Freshman February 3, 2010
Ian Welham discusses how today’s college freshman are feeling the effects of the recession
The Cooperative Institutional Research Program Freshman Survey is the largest and longest-running survey of American college students. It includes the responses of 219,864 first-time, full time students at approximately 297 national baccalaureate colleges and universities. Many of the findings this year are directly related to the nationwide recession.
More than half of the 219,864 students responded with worry about financing their college education. This was reflected by the amount of students turning to college loan programs, 53.3% in 2009 up 3.9% from 2008 and the highest reported number in nine years.
Concerns over paying for college also had an effect on students’ choice of schools. 41.6% reported that the cost of college was “very important” in their decision making, the highest level since the question had appeared on the survey five years ago. Another overwhelming response came when students were asked if the offering of financial aid was important in choosing a college. This number jumped from 39.4% in 2007 to 43% in 2008 to 44.7% in 2009. In addition, 8.9% (the highest total since the question was first posed on the 1984 survey) of students reported that not receiving a financial aid offer from their top school would influence their decision-making.
The recession is also influencing the majors students are selecting. Business for example, the most popular major across the board, has dropped from 16.8% in 2008 to 14.4% in 2009, reflecting the lowest enrollment level in 35 years. Students are apparently worried about obtaining jobs in the business field. The percentage who say they intend to have a career in business is at the lowest rate since 1976.
