Survey of alumni and higher education non-completers reveals reasons behind the debt-without-a-degree crisis & offers solutions
PHOENIX, AZ, MARCH 10, 2020 — CampusLogic, higher education’s leading student financial success platform, today announced the release of an in-depth data report, Leveling Up for Student Financial Success: Student Sentiment Regarding Financial Decisions in Higher Education. Completed in conjunction with Gallup, this report highlights the data behind student decisions throughout their higher education journeys as they relate to their experiences with financial aid. Read the entire report here.
“Our research found that almost 75% of students say a fragmented financial aid process affected their academic performance. We need to stop talking about student retention and academic achievement as if they are somehow disconnected from the student financial aid experience,” commented Gregg Scoresby, CampusLogic CEO. “It is quite clear that every college president interested in student retention should have a student financial success plan at their institution. Student financial success should be a strategic imperative at every school.”
CampusLogic is purpose-driven and focused on its mission to help schools change lives—a mission that is linked to every step in the student higher education journey. In its latest data report, the company evaluated responses from more than 25,000 U.S. adults who are either higher education alumni or report having some college but no degree. Both respondents and alumni answer crucial questions regarding issues they faced when funding their education, as well as how those issues affected the outcome of their higher education experiences.
Among other impactful data points, nearly three out of four respondents indicated a cumbersome financial aid process negatively affected their academic performance—leaving them more focused on how to pay for school rather than on the academic training they were pursuing. The report details factors that affect students at the crucial junctures of planning, funding, and completing their education. Key insights show that difficulty with the financial aid process affects student decisions regarding where to enroll and their persistence in degree programs—and students who do not complete worry about the affordability of their institutions.
Participants in the study confirm that stress from a variety of sources often leaves them feeling as if their only recourse is to drop out of school completely—contributing to the growing debt-without-a-degree crisis. Alumni and non-completers detail what they truly need from higher education institutions and answer the following questions in this revealing report:
- What are the main causes of financial stress for students?
- Does the financial aid process impact academic success?
- How are different racial groups impacted differently by financial aid?
"We've long known that financing plays a stressful role in students' lives. Data like this helps us comprehensively explore—for the very first time—the points and magnitude of where that stress occurs over the long journey between shopping for a college or program and paying off the last loan dollar,” said Carlo Salerno, CampusLogic VP of Research. Along with the new data, this report offers actionable steps that schools can take to empower student financial success, and therefore, drive higher retention and completion rates.
CampusLogic helps schools change lives by delivering the first—and only—Student Financial Success platform that incorporates a net price calculator, complete scholarship management, personalized digital communications, simplified financial aid verification, 24x7 multilingual virtual advising, tuition and scholarship crowdfunding, and integrated data visualizations. Over 500 schools across the country use CampusLogic to provide their students with an easy, mobile, and personalized experience to simplify the financial success journey, resulting in increased enrollment, better informed borrowing, and improved retention. CampusLogic annually hosts EmpowerED, a conference dedicated to providing student financial success professionals with access to industry trends, best practices, and networking opportunities with like-minded colleagues. For more information, visit campuslogic.com.
Chief Revenue Officer, CampusLogic