American Student and Parent Views on Preparing and Paying for College – Full Report

2017The State of Student Debt in America™

Get in the New School MindsetThriventStudentResources.com

Key Findings Key findings from the report indicate that:

• The majority of college students agree that they should be the one paying for most of their college education.

• Students plan to fund their college education through family contribution, scholarships and grants, and student loans. Although 1/3 of parents have not saved for their child’s college education.

• But when it comes to reading loan documents, parents are more engaged than students.• Over 70% of students and parents believe students should have jobs during college to help cover

the costs. They are aligned on an average of 20 hours of work/week in addition to class load.• Student do expect some funding for expenses from their parents, which parents are

willing to give.

Which of the following criteria is most important to you when

choosing a college?

Which of the following would you rather do?

Which of the following sources are you expecting to rely on, or currently relying

on, to fund your college education?

Approximately how far in advance, if at all, do you think your family started

saving for your college education?

Which of the following best describes who you think should pay for your

college education?

How strongly do you agree or disagree with the following statement –

I wish my family and I talked about college costs more often.

Which of the following topics would you rather talk about with your parents?

Which of the following has caused more tension in your family?

Total Cost 34%

Reputation in field 28%

Location 17%

Reputation Overall 13%

Job Placement

Rate 8%

More debt increases among

4-year college students at a

private institution

I should pay for most 51%

My family should pay

for most 28%

I should pay for all

17%

My family should pay for all

4%Agree

Somewhat 42%

Agree Strongly 28%

Disagree Somewhat

23%

Disagree Strongly

7%

Paying for College 90%

Birds & the Bees 10%

Discussions about college cost

72%

Discussions about

grades/test scores 28%

Students

66% 63% 58%54%

1%

Myself, personal

savings or work income

Scholarships & grants

My parents or family

Student loans Other

11-20 years

6-10 years

1-5 years

Less than a year

My family did not save

25%

14%

13%

23%

26%

To better understand how students and their parents feel about student debt

and college financing, we conducted an online survey of 1,000 college-age

students and 500 parents of incoming freshmen or current college attendees.

We asked them a range of questions about college financing, their feelings

and approaches toward debt, ways they planned to pay for school, and more.

The results were kept separate so we could compare and contrast the feelings

and opinions of the students and parents.

Incur less debt by going to a more practical college

75%

Incur moredebt by going

to to my dream college

25%

Incur less debt by going to a more

practical college 57%

Incur more debt by going to

my dream college 43%

How much more or less stressed, if at all, are you about paying for college than

your family?

How confident, if at all, are you that you were/have been fully prepared on how to

manage the cost of college?

Which of the following are you more informed about?

Which of the following is most responsible for teaching you about managing the

cost of college?

At which of the following times, if any, do you think college students should

apply for scholarships?

For what percentage of the total amount you’ve budgeted for your college costs

will you have to take out loans?

Aside from the cost of classes, which of the following did you (or will you) account

for when establishing a budget for attending college?

Approximately what percentage of your student loan documents, if any,

have you read?

How much money, if any, should parents give their child each month for personal

spending when they’re in college?

How strongly do you agree or disagree with the following statement – my quality of life

in college should be the same as it was before college.

Which of the following better describes your opinion on whether students should

have jobs while in college?

On average, how many hours do you think students should work while they

are actively attending college?

Not very confident

30%

Somewhat confident

45%

Very confident

17%

Not at all confident

9%

College costs 67%

My favorite celebrity 33% None

41%

$100 or less 27%

$101-$500 28%

$501-$1000 4%

Disagree strongly

7%

Agree somewhat

42%

Disagree somewhat

30%

Agree strongly 21%

20+ hours/week

61%

1-9 hours/week

8%

10-14 hours/week

14%

15-19 hours/week

17%

They should not and focus

solely on academics

22%

They should have a job to help pay

for college 78%

31%26% 26%

11%

Much more stressed

Somewhat more stressed

Just asstressed

Somewhat less stressed

Much less stressed

6%

51%

48%

40%

39%

13%

8%

Banks

Volunteers or non-profit org

High School

Colleges

Me

My parents or family

1%

Senior year

None of these

Junior year

Sophmore year

Freshman year

Before college

10% 11%

23%

35%

Less than 25%

25% - 49% 50% or more

I don’t know I haven’t established a budget

21%

Textbooks and class supplies 82%

Transportation 59%

Room and board 59%

Groceries (outside of meal plan) 58%

Clothing 48%

Laundry 39%

Room Furnishings 35%

Eating out at restaurants 35%

Entertainment 34%

Study abroad 20%

Vacations 18%

Other 1%

I don’t have a budget 3%

16% 17% 18%

13%13%

23%

0% 1% - 10% 11% - 25% 26% - 50% 51% - 75% More than 75%

32%

39%

41%

44%

83%

How far in advance, if at all, did you start saving for your child’s

college education?

How strongly do you agree or disagree with the following statement –

I am willing to put my child’s education ahead of my long-term financial

strategies and commitments.

How much more or less stressed, if at all, are you about paying for your child’s

college education than your child?

Which of the following is your child more informed about?

Which of the following is most responsible for teaching your child about managing

the cost of college?

For what percentage of the total amount you’ve budgeted for your child’s college

costs, if any, will you have to take out loans?

Approximately what percentage of your child’s student loan documents,

if any, have you read?

How much money, if any, should parents give their child each month for personal

spending when they’re in college?

Which of the following better describes your opinion on whether students should

have jobs while in college?

On average, how many hours do you think students should work while they

are actively attending college?

Agree strongly 48%

Agree somewhat

39%

Disagree somewhat

9%

Disagree strongly

4%

College costs 64%

Their favorite celebrity 36%

None 29%

$100 or less 20%

$101-$500 28%

$501-$1000 4%

20+ hours/week 61%

15-19 hours/week

17%

10-14 hours/week

14%

1-9 hours/week

8%

They should have a job to pay for college

70%

They should not and

focus soley on academics

30%

Parents

I did not save Less than a year

1 - 5 years 6 - 10 years 11 - 20 years

29%

23%

44%

27%

12%

9%Much less stressed

Somewhat less

stressed

Just as stressed

Somewhat more

stressed

Much more

stressed

80%

7% 8% 10% 12% 13%

50%

45%

26%31%

Me or our family

My child Colleges High School Banks Volunteers or non-profit org

11% 7%

9%

22%

12%

17%

24%

25%

I don’t know

I haven’t established

a budget

50% or more

25% - 49%

Less than 25%

0%

0% 1% - 10% 11% - 25% 26% - 50% 51% - 75% More than 75%

30%

18%16% 16%

20%

Methodology

The Thrivent Student Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 students, with quotas set for 500 incoming college freshmen and 500 college students, sophomores or higher between July 31 and August 9, 2017, using an email invitation and an online survey.

The Thrivent Parent Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 500 parents of current college students or incoming college freshmen between July 31 and August 9, 2017, using an email invitation and an online survey.

Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.4 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

For more information visit www.thriventstudentresources.com/state-of-student-debt

We hope this survey provides you with some helpful insights into the

way students and parents approach college financing. Understanding the

types of issues, concerns, and goals that your college-age members and

their families deal with will you allow you to better serve your members

and meet their financial goals.