Table of Contents
Executive Summary
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- Figure 1: Snapshot of student fall enrollment in degree-granting postsecondary institutions, 2015*
- The issues
- Prospective students looking for faster, cheaper ways to a degree
- The necessity of a degree may be in question
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- Figure 2: The value of a college degree, September 2015
- Cost of college and student debt continues to draw scrutiny, concern
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- Figure 3: Attitudes towards educational loans, September2015
- Parents expect children to finish in four years, average time to degree slightly more than four years
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- Figure 4: Parents’ expectations for kids graduating in four years or less, September 2015
- The opportunities
- Alternative routes to an education are gaining acceptance
- Improving four-year graduation rates will please parents, students alike
- Education viewed as a way to improve career prospects, increase earning potential
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- Figure 5: Top six motivations for seeking a degree, September 2015
- In addition to an education, students looking for an experience
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- Figure 6: The college experience, by current/future students and parents of future/current/former students, September 2015
- Younger students may need guidance
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- Figure 7: Utility of chosen degree, by age, September 2015
- What it means
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The Market – What You Need to Know
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- Enrollment on the rise in coming decade
- Students aged 25+ have large presence on campus
- Unemployment trending downward, job market still competitive
- Parents and students concerned about cost
Size of the Student Body
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- Enrollment projected to increase steadily in coming decade
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- Figure 8: Total fall enrollment in degree-granting postsecondary institutions, 1970-2024* (projected)
- Women outnumber men in higher education
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- Figure 9: Share of total fall enrollment in degree-granting postsecondary institutions, by gender, 1970-2024* (projected)
- State of economy influences demographics of student body
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- Figure 10: Share of total fall enrollment in degree-granting postsecondary institutions, by age groups, 1970-2024* (projected)
- Modern college students significantly more diverse
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- Figure 11: Share of total fall enrollment of US residents in degree-granting postsecondary institutions, by race/Hispanic origin, 1976-2024* (projected)
Market Factors
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- Despite declining unemployment, job market remains competitive
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- Figure 12: Labor-force status of people aged 16+, annual averages, 2004-15*
- Competition from abroad
- Cost continues to be a concern
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- Figure 13: Attitudes towards educational loans, September2015
- Sexual assault on campuses makes headlines, safety is a concern
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- Figure 14: “1 is 2 many,” public service announcement, 2014
Key Players – What You Need to Know
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- Prospective students have a wide selection of programs, institutions
- Consumer trends shake up the college experience
Types of Education Programs and Institutions
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- Higher education programs
- Undergraduate Certificate Program
- Graduate Certificate Program
- Associate’s Degree Program
- Bachelor’s Degree Program
- Master’s Degree Program
- Doctorate Degree Program
- Types of institutions
- Vocational College
- Community Colleges and Junior Colleges
- Colleges and universities
- For-profit colleges and universities
- Online colleges/universities
Education and Consumer Trends
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- Boot camps offer education in a fraction of the time
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- Figure 15: “Alumni Profile: Mai,” online video, 2015
- Passion for life-long learning gives rise to services that allow consumers to “Dabble”
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- Figure 16: “About CourseHorse,” online video, 2014
- Flexibility of skills-based education may be more appealing than career-oriented education
- Better careers, learning skills, higher salaries motivate degree seekers
- College campuses see shift in gender – Women now outnumber men
- College admissions counsellors help students enter top schools
- Smaller, and niche institutions struggle with declining enrollment
The Consumer – What You Need to Know
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- Career and earning potential biggest drivers for education
- Traditional methods of comparing colleges still used
- Cost and location are the most influential factors
- Majority of parents “very involved” in college selection
- The value of a college degree increasingly in question
- Many students base major on passions
- Diversity on campus appeals to prospective students
Motivations for Seeking a Degree
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- Education viewed as way to improve career, increase earning potential
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- Figure 17: Motivations for seeking a degree, September 2015
- 18-24s most motivated to go to school
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- Figure 18: Motivations for seeking a degree – select responses, by age, September 2015
Resources Used to Compare Colleges
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- Online research and campus tours are top ways to evaluate schools
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- Figure 19: Resources used to compare colleges, September 2015
- Modern students use techie and traditional methods to compare colleges
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- Figure 20: Resources used to compare colleges, by current/prospective students and former students, September 2015
- Parents often researching as much as – or more than – their children
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- Figure 21: Resources used to compare colleges, by parents of future/current/former students, September 2015
- Youngest applicants may be won with an inside look at life on campus
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- Figure 22: Resources used to compare colleges – Select responses, by age, September 2015
- Spotlighting diversity ensures all prospects feel welcome, represented
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- Figure 23: Resources used to compare colleges – select responses, by race/Hispanic origin, September 2015
Factors Influencing College Selection
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- Unsurprisingly, cost and location have strongest impact on selection
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- Figure 24: Factors that influence college selection, September 2015
- Current/future students take more factors into consideration
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- Figure 25: Factors that influence college selection, current/prospective students vs parents of future/current/former students, September 2015
- Women appear more selective than men
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- Figure 26: Factors that influence college selection – select responses, by gender, September 2015
- Experience increasingly factors into college selection
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- Figure 27: Factors that influence college selection – select responses, by age, September 2015
- College-minded Black consumers most price sensitive
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- Figure 28: Factors that influence college selection – select responses, by race/Hispanic origin, September 2015
Other Influences on College Selection
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- Offer a chance to break away
- Size matters but preferences differ from student to student
- Online degrees often seen as lower quality
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- Figure 29: Opinions impacting college selection, by current/prospective students and parents of future/current/former students, September 2015
Parents’ Involvement and Expectations
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- Eight in 10 parents “very involved” in college selection
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- Figure 30: Parents’ involvement in college selection, by child’s student status, September 2015
- Parents want children to stay on track
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- Figure 31: Parents’ expectations for child earning a degree in four years or less, by child’s student status, September 2015
The Value of a College Degree
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- Parents, students agree – A college degree is something to value
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- Figure 32: The value of a college degree, by current/future students and parents of future/current/former students, September 2015
- Millennials may double down on education for a competitive edge
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- Figure 33: The value of a college degree, by generation, September 2015
- Least educated consumers provide opportunity for quick, affordable degrees
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- Figure 34: The value of a college degree, by education, September 2015
Utility of Chosen Degree
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- Rational or risky? Majority of students base major on passions
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- Figure 35: Utility of chosen degree, current students vs college graduates, September 2015
- Hispanic students may need more guidance
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- Figure 36: Utility of chosen degree, by Hispanic origin, September 2015
Attitudes toward Educational Loans
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- Consumers skeptical of lenders
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- Figure 37: Attitudes toward educational loans, September2015
- Youngest respondents especially skeptical of lenders
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- Figure 38: Attitudes toward educational loans, by generation, September2015
The College Experience
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- Prospective students drawn by diverse student body
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- Figure 39: The college experience, by current/future students and parents of future/current/former students, September 2015
- Women more concerned with internships, men want to let loose
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- Figure 40: The college experience, by gender, September 2015
- Hispanics seek more of the “college experience”
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- Figure 41: The college experience, by Hispanic origin, September 2015
Appendix – Data Sources and Abbreviations
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- Data sources
- Market data
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 42: Total fall enrollment in degree-granting postsecondary institutions, by share of gender, 1970-2024* (projected)
- Figure 43: Share of total fall enrollment in degree-granting postsecondary institutions, by age groups, 1970-2024* (projected)
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- Figure 44: College-related events expected in the next 12 months, by gender, generation, race/Hispanic origin, parent status, April 2014-June 2015
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- Figure 45: Gender, generation, and race/Hispanic origin, by college-related events expected in the next 12 months plus index, April 2014-June 2015
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Appendix – The Consumer
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- Correspondence analysis methodology
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- Figure 46: Correspondence Analysis – Factors that influence college selection, by generation, September 2015
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- Figure 47: Factors that influence college selection, by generation, September 2015
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