11/1/2013
Six in 10 college students (61%) say college is more expensive than they thought it would be, according to Citi Group and Seventeen magazine. In fact, money-related issues are their biggest concerns while in school, outranking making friends and planning for graduate school. Moreover, 77% say money played an important role in deciding where to attend, and 33% say it was the single most important factor.
More than two in three college students have a checking account (69%) and savings account (67%). One in five freshmen have credit cards, compared to 55% of seniors. Nearly six in 10 (59%) manage their finances online via desktop or laptop computers, and 41% manage their accounts via mobile devices.
College students are employing several tactics to defray college costs, including using student discounts and forgoing dining out in favor of home-cooked meals.
Students and their parents disagree on who is actually opening up their wallets. When asked who is responsible for tuition, 22% of students say their parents, 18% say themselves, 16% say scholarships cover the cost, and 41% say financial aid. Likewise, when it comes to covering the cost of housing, 30% of students say their parents pay, 31% say themselves, 15% say financial aid, and 5% say scholarships.
SOURCES: Citi Group, Andrew Brent, 399 Park Ave., New York, NY 10022; 212-559-1299; andrew.brent@citi.com; www.citi.com.
Seventeen magazine (Hearst), Randi Friedman, 300 W. 57th St., New York, NY 10019; 212-649-2578; rfriedman@hearst.com; www.seventeen.com.
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