Survey Results: Impact of the Economy on College Enrollment April 22, 2009

Longmire and Company just released a report on the impact of the economy on college enrollment and the findings are substantial.  President of Longmire, Robert Longmire, says “Higher education institutions will need to retool their recruitment and financial aid departments if they are to remain competitive in this environment.”

I invite you to review the 18 page report here but here are a few snippets which I’m certain will be of interest;

• 46% of households surveyed said their plans for college have changed “dramatically” or “somewhat” because of the economy
• 53% said as a result of the economy, changes to their plans include enrolling in a less expensive college
• New England recorded the highest percentage of students looking to less expensive schools – 64%
• 76% of respondents indicated they were “somewhat” or “very likely” to consider a college initially believed to be too expensive if they could demonstrate value
• When identifying this ‘value’, 38% indicated scholarships and aid would demonstrate value while 62% mentioned non-financial values; like track record of students finding high-paying jobs upon graduation
• 27% of applicants will submit fewer applications; with the south reporting this number being close to 40%
• 33% said that the existence of a large endowment is attractive when deciding where to apply
• 10% of people with multiple children enrolled in college indicate a return to college will be impacted by the economy; 29% were not sure

Are these changes visible at your institution already, or are you expecting different outcomes?