If there is one thing that worries many parents and soon-to-be college students as they start their college admissions process, it would be the amount of debt that they will have to shoulder later on. And that is according to a recent survey by The Princeton Review's 2017 College Hopes & Worries survey.
According to CNBC, most of the parents and students said that one of the major reasons for their anxiety is the amount of debt that they or their child will have to pay for earning the degree. It is no wonder they would be as concerned as they are right now, considering the rate that tuition has gone up over the last couple of years.
College Board states that tuition has increased by 3 to 5 percent every year, and things even got worse when public funds decline causing the tuition costs to increase even more. In private institutions, the average tuition was reported to have increased by 54 percent in the last ten years, and 71 percent increase in the public schools during the same time period.
Almost all college students and their parents believe that they really need financial aid so that they will be able to pay for college. More than 60 percent of the respondents to the survey reported high stress levels because of their worries on college costs.
These survey results were similar to the one conducted by Campusbooks.com in 2016, according to Fox26 News, where it was reported that more than 80 percent of college students say that they are concerned if they will be able to pay back their student loans. That is because more than 50 percent of all college students are burdened with student loan debt, even those who have part time or full time jobs.
