College application deadlines are now behind us, and final choices still lie ahead for this year’s crop of high school seniors. That makes now a good time to look at, what is for most Millennial’s, the most-important-decision-of-their-lives-so-far. It is not only the most important, it is also the most expensive. The Education Department says there is an outstanding $556 billion in Federal education loans, with private outstanding loans adding another $130 billion. (Hey! That’s about the same as the stimulus bill, now there’s an idea we haven’t heard yet…..)
Despite the extended and agonizing decision-making, a survey of 2000 freshman by collegeclicktv.com says most freshman regret their choice. 56% replied ‘no’ to the question, “Are you happy with the college you chose?”, In an interesting footnote, 81% of those who like their choice say their school has a winning football team. (Maybe all those coach firings make sense after all?) Fortunately, my own daughter is deliriously happy with her choice, but she reports many of her peers are not, and not just because the football team had a disappointing season. Many find that the college they picked is simply not what they expected it to be, while others are facing the usual adjustment issues of too many late nights and difficulties with time management.
While not the whole picture, finances may be playing a role in freshman unhappiness. A Eduventures survey of the parents of 7000 freshman found one-third say they are having trouble paying for college. Little wonder transfer applications are up, as are applications for 2-year community colleges (WSJ).
Looking ahead to this year, finances are likely to play even greater role in the decision than in the past. The WSJ reports the college-advisory business is booming. Test-prep classes have become the norm, and more parents are hiring educational consultants to help students qualify for financial aid at top schools, not just get in. According to the Journal, the biggest audience for these services are families with middle incomes – $75K-$100K.
With Millennials under pressure, college marketers will have to work even harder to make the case for their schools. With freshman unhappiness running high, perhaps the place to start is by retaining the students they already have?
