Higher Education Plans Remain Unchanged for Majority of High School Families Despite Challenges Introduced by COVID-19
New Research from Sallie Mae and Ipsos Shows Families Still Confident in Value of Higher Education and More Report Having a Plan to Pay for It
Despite the challenges and uncertainty caused by COVID-19, 86% of high school juniors, seniors, and their families remain confident in the value of higher education, and 80% are still planning to attend, according to new research from Sallie Mae and Ipsos.
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“Despite living in this turbulent time, these families are just as, if not more, committed to their plans for their high school student’s future.”
Sallie Mae and Ipsos interviewed high school students and parents in January for its inaugural “Higher Ambitions: How America Plans for Post-secondary Education” report and went back into the field in April to see whether the effects of the COVID-19 global pandemic had changed high school juniors’ and seniors’ perceptions about planning for college.
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In April, more students reported planning to attend post-secondary education (80% vs. 75%), more families reported having a plan to pay for higher education (67% vs. 61%), and more have savings set aside (56% vs 51%) for post-secondary education. In addition, seven in ten families are willing to stretch financially to pay for college, the same proportion as reported in January.
More families are concerned about the effect COVID-19 will have on their financial wellbeing than their personal wellbeing. Specifically, 49% are concerned about the stock market and college savings investments, 30% are concerned about needing to use college savings for other costs or the parent losing a job, and 25% are worried about becoming infected with the virus.
“High school families are worried and feel uncertain because of the COVID-19 pandemic, however, the situation is currently seen as temporary,” said Jennifer Berg, director, Ipsos. “Despite living in this turbulent time, these families are just as, if not more, committed to their plans for their high school student’s future.”