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NEW YORK, March 18, 2015 — Some call it “the other March madness.” It's nail-biting season now through April as college acceptance / rejection and financial aid award letters land in applicants' e-mail and snail mailboxes.
According to The Princeton Review's 2015 “College Hopes & Worries Survey” — the Company's 12th annual poll of college applicants and parents — concerns about college costs are soaring. Ninety percent of respondents this year said financial aid will be Very necessary to pay for college. Within that cohort 66% said Extremely necessary.
Stress about college applications — which 73% respondents reported — is higher than ever. The toughest part of the process? Taking college admission exams. However, 76% said they would prefer the ACT or current SAT to the new SAT (debuting in 2016) if all three tests were options.
Views about college are upbeat: 45% consider the main benefit of the diploma to be a “Potentially better job / higher income” and 99% believe college will be “Worth it.”
For the third consecutive year, Stanford was the college that applicants and parents most named as their "Dream College." Harvard was the second most named college. (Top 10 lists follow.)
The Princeton Review, one of the nation's best known education services companies, has conducted this survey since 2003. Findings for the 2015 survey are based on responses from 12,062 people: 80% were college applicants and 20% were parents of applicants. Respondents hailed from all 50 states and DC, plus several countries abroad.
Answering the survey's only fill-in-the-blank question, What 'dream college' do you wish you or your child could attend if acceptance or cost weren't issues? respondents wrote in names of more than 700 institutions.
What 'dream college' do you wish you or your child could attend if acceptance or cost weren't issues?
The colleges students most named as their “dream college” were:
The colleges parents most named as their “dream college” for their children were:
For survey questions with multiple answer choices, findings among respondents overall (students and parents) indicate:
73% of respondents gauged their stress levels as High or Very high — a 17% increase over the 56% who reported such stress levels in the survey's initial year, 2003. Students reported higher stress levels than parents.
Asked which aspect of the application process was the toughest, 34% (the plurality) chose the answer, Taking the SAT, ACT or APs while 33% said Completing applications for admission and financial aid.
Taking the SAT, ACT or APs
Completing applications for admission and financial aid.
Asked which college admission test they'd prefer to take (or see their child take) if each of these were current options: the ACT, SAT, or new SAT (which won't debut until spring 2016), 39% said the ACT, 37% said the SAT, and 24% said the new SAT.
39% (the plurality) said their biggest concern was Level of debt to pay for the degree. For 35% their biggest worry was Will get into first-choice college, but won’t have sufficient funds/aid to attend. Given the $28,400 average debt of 2013 college grads, these concerns are understandable. In 2009, the answer most selected was Won't get in to first-choice college.
Level of debt to pay for the degree.
Will get into first-choice college, but won’t have sufficient funds/aid to attend.
Won't get in to first-choice college.
87% estimated their degree to cost More than $50,000. Within that cohort, 42% said More than $100,000. Parents' estimates were higher than students'.
More than $50,000.
More than $100,000.
45% said the biggest benefit of a degree was a Potentially better job / income while 24% said the "Education" and 31% said Exposure to new ideas.
Potentially better job / income
Exposure to new ideas.
52% of parents chose Less than 250 miles as distance of ideal college: 63% of students chose answers in ranges from 250 to 1,000 miles.
Less than 250 miles
Other findings report: how many colleges students were applying to, and what will influence their college choice when commitment decisions are due May 1 st. The Princeton Review also asked respondents their advice for next year's applicants. The most repeated advice: Start early.
A complete survey report is at The Princeton Review's College Hopes and Worries.
The 15-question survey ran in The Princeton Review book, The Best 379 Colleges: 2015 Edition (Penguin Random House, August 2014), and on www.princetonreview.com from August 2014 through early March 2015.
The company is also known for its annual college rankings in 62 categories in The Best 379 Colleges and its lists of “best value colleges” in Colleges That Pay You Back, published in February.
The Princeton Review is a leading test preparation, tutoring, and college admission services company. Every year, it helps millions of college and graduate school-bound students achieve their education and career goals through online and in person courses delivered by a network of more than 4,000 teachers and tutors and its more than 150 print and digital books published by Penguin Random House. The Princeton Review is headquartered in Natick, MA, and is an operating business of IAC. For more information, visit The Princeton Review and on Facebook. Follow the Company's Twitter feed @ThePrincetonRev.
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