This report from ACT contends there is one unifying characteristic among college-bound high school students, no matter their economic background: They consider the price of college to be a very important factor in their decision-making, even those whose families are paying for their education and aren’t eligible for financial aid. Despite this price sensitivity, most students across all economic backgrounds and financial categories have a “shockingly low” knowledge of how the federal government helps with student loan repayments and subsidies, according to the report.
The report includes students’ perceptions on financial aid, loans, and the repayment process, as well as recommendations for higher education institutions, high schools, and adults to help increase financial literacy.