Thank you for subscribing!
Scholarship It conducts a monthly survey to better understand the priorities and interests of Gen Z students. In June, we investigated whether Generation Z students had the funds to pay for costs associated with the upcoming fall semester, including tuition, room and board, books and supplies, etc. Unfortunately, our results show that the vast majority (92%) of respondents are concerned that they do not have enough money to pay for the fall semester.
Who participated in the survey?
In June 2023, ScholarshipOwl surveyed more than 9,300 high school and college students on scholarship platform ScholarshipOwl to learn more about how they plan to cover looming college costs. We were particularly interested to see if students already had the funds they needed for the fall semester, and for those with a gap to cover, we wanted to know how they planned to “fund their gap.” A total of 9,323 students responded to the survey.
Of the respondents, 65% were female, 34% were male, and 2% identified themselves as other. Almost half (43%) were Caucasian, 26% were Black, 17% were Hispanic/Latino, 7% were Asian/Pacific Islander, and 7% identified as others.
More than a third (35%) of the respondents were high school students, the vast majority of whom were high school seniors; More than half (53%) were college students, mainly undergraduates and college sophomores; 9% were graduate students and 4% identified themselves as adult/non-traditional students.
Statistics questions
The first survey question wasIf you are going to college next year, what sources of funding have you already lined up to pay for tuition, fees, room and board, books and supplies, etc.? Check all that apply.”
The vast majority of respondents indicated that they would use more than one source of funds, with most focusing on debt-free sources. More than half of students choose federal or state scholarships (53%), and more than half (56%) choose scholarships. The vast majority indicated they would have income from work, with nearly half (49%) saying they would use the income from a job this summer to help pay for college, and more than half (53%) saying they would use the income from a part-time job or Full time during the academic year to cover college costs. More than a third (36%) would receive some level of financial support from parents/family. In addition, many students indicated that they will take on debt that must be paid off, with more than a third (39%) having one or more federal student loans, and 14% taking out one or more private student loans to cover costs. A minority (4%) indicated that they would not attend college in the upcoming academic year.
Then we asked, “Are you worried you don’t have enough money to pay for the fall semester?” We found out what bothers us is that the vast majority (92%) of all students surveyed answered “yes,” and that they were worried that they would not have enough funds for the fall semester.
The final question in the survey was, “If yes, how do you plan to ‘fund your gap’ to be able to pay for college this fall? Check all that apply.” Most of the respondents chose several strategies that they plan to use to cover the costs of college. The vast majority (91%) indicated that they plan to apply for scholarships throughout the summer. Many students plan to use income from work to cover costs, with more than a third (35%) saying they are actively looking for a summer job, and almost half (47%) saying they plan to look for a part-time job on or near campus so they can from work throughout the school year. More than a third (36%) plan to earn income through a side business/gig, such as driving for a food delivery service or ride-sharing app, doing freelance work, walking dogs, doing people tasks, etc. A quarter of respondents (26%) plan to request additional financial support from the family. Many respondents indicated that they would “fund their gaps” with loans—a third (33%) plan to take out one or more new federal student loans, and 21% plan to take out one or more new private student loans. And 12% say their parents will get loans to cover their college costs. A small percentage (4%) indicated that they would not attend college in the upcoming academic year.
The main takeaway for Gen Z students.
Survey results indicate that Generation Z students are aware of the many avenues they have access to in order to be able to cover the costs of college, and the good news is that they focus primarily on sources that do not have to be repaid (federal and state grants, grants, and income from work). However, more than a third plan to take out student loans, even if they also have non-loan funding sources. Findings also indicate that students depend on their parents/family for financial assistance, with more than a third of them already receiving family support, and a fifth of them planning to seek additional family support to ‘fill their gaps’.
Branding can be the answer
Obviously, there are not yet enough debt-free sources to support the millions of students who have a funding gap to fill before the fall semester begins. More scholarships are desperately needed, and the companies and organizations that offer them need to do a better job of reaching the students who are looking for them. Brands can help through display Scholarship campaigns across the ScholarshipOwl for business platform. Through this platform, brands can create and launch scholarship campaigns, and promote them to the millions of students who are applying for scholarships on the ScholarshipOwl platform. This benefits both students and brands, enabling companies to build relationships with Gen Z to support their marketing and communication goals.
To learn more about creating and launching a scholarship campaign, visit business.scholarshipowl.com.
