Today’s learners are making increasingly pragmatic decisions about higher education, according to a new report from Ellucian, a higher education technology solutions provider. In the report, “The Student Voice Report: Why Institutional Relevance Will Define the Next Era of Higher Education,” data showed students are prioritizing affordability, career outcomes, flexibility and clear return on investment when choosing where and whether to enroll.
The traditional image of the full-time college student no longer reflects reality, with 56 percent of current college students reporting they are employed full time, working at least 35 hours per week, while enrolled. Additionally, 58 percent have had to choose between paying for college expenses and meeting basic needs.
Ninety percent indicate that financial stress has negatively affected their mental health to some extent in the past year, with 42 percent reporting very much or quite a bit of impact. Working full time is especially common among students attending Minority Serving Institutions (72 percent) and Historically Black Colleges and Universities (71 percent).
“Our third annual Student Voice Report makes one thing unmistakably clear: today’s students are redefining what makes higher education valuable,” said Laura Ipsen, president and CEO, Ellucian. “Students are looking beyond institutional reputation to the experiences, opportunities and outcomes that will help them succeed in an increasingly complex world. The institutions that thrive will be those that respond to these realities with experiences designed around how students actually live, work and learn.”
According to the report, these findings reinforce the need for institutions to better support working learners through greater flexibility, financial wellness resources and policies that recognize prior learning and work experience. Affordability remains the single biggest factor influencing college choice, but the research shows that how institutions communicate financial aid can be just as important as the aid itself.
Nearly 90 percent of students say they would change colleges for more scholarship aid, and nearly half (49 percent) say an additional $5,000 or less in financial aid could have changed where they enrolled.
Among prospective students, 22 percent would wait only two weeks for a financial aid offer before enrolling elsewhere, while only 11 percent would wait longer than two months. Only 29 percent of current college students say they are very confident they understand the terms of their financial aid package and loan repayment options.
Today’s students increasingly evaluate higher education through the lens of career outcomes and lifelong learning. They expect education to deliver tangible value while preparing them for evolving workforce needs. Nearly 75 percent of students say it would be valuable for degree plans to include career pathways and salary outcomes, yet only 4 percent say their institution currently provides that information.
More than 70 percent are interested in earning alternative or stackable credentials alongside their degree, while only 3 percent are currently doing so. Eighty-four percent say the availability of financial aid would influence whether they pursue alternative credentials.
Support for credit for prior learning is strong, with 84 percent of current college students and 89 percent of nontraditional-age students (Millennials, Gen X and Boomers) expecting institutions to recognize prior learning and experience. The findings point to growing demand for education that is transparent, career-connected and flexible enough to support learning throughout students’ lives.
