The overwhelming majority of undergraduates aged 18 to 24 and their families (89%) still believe a college degree opens doors despite the hefty cost, according to the 2021 survey “How America Pays for College” from student loan lender Sallie Mae. Yet the recently released survey also found that fewer families this year finished the Free Application for Federal Student Aid (FAFSA) to get help paying for that sought-after degree.
Some experts point out, however, that the report’s focus on so-called traditional age students does not include two key groups: students over the age of 24 and those who choose not to enroll in college. Without that broader sample, they argue the survey overlooks almost 40% of today’s undergraduates, not including those who do not go to college likely because they cannot afford it. 
“So those for whom college is financially impossible are not included here,” said Dr. Robert Kelchen, an associate professor of Higher Education at Seton Hall University and author of Higher Education Accountability. “The survey captures traditional age college students who enrolled, not everyone interested in college. And it misses adult students.”
Sallie Mae launched its annual survey 14 years ago to understand what traditional-age students and their families think of higher education and how they pay for it. Sallie Mae partnered with the market research and consulting firm Ipsos to run this year’s study from April to May of this year. Ipsos conducted online interviews with 985 parents and 1,000 undergraduates across the country.
“Some of the findings this year were not a surprise, such as that families continued to invest in higher education amid the pandemic,” said Ashley Boucher, director of corporate communications at Sallie Mae. Eight out of ten families in the survey said they were willing to stretch themselves financially to ensure their children get an education. To pay for college, 85% of families relied on parent income and savings, though Boucher also noted a problem. “What I did not expect and found concerning is that while more families this year have a plan to pay for college, fewer families are taking advantage of financial aid like the FAFSA.”
According to Sallie Mae, this year marked a record low percentage of families surveyed who completed the FAFSA. Only 68% submitted the application compared to 71% last year and 77% the year before.
This steady decline in FAFSA applications happened across income levels and races at similar rates among the survey’s respondents. One possible reason for the ongoing drop, the report notes, is that families assume they won’t qualify for financial aid. But that may be a misunderstanding. The survey found that 29% of families who received a financial aid offer from their school appealed for more help. And 71% of those appeals were granted.
