What Do High School Students Think About Higher Ed?

Most high school students believe a college degree will lead to financial security, but they remain skeptical about its value quotient.

This question of return on investment, a growing concern among Gen Z students, highlights a new study that seeks to gauge high school students’ thoughts on higher education and their future.

The April 2024 survey, conducted by Third Way, a centrist think tank, and Global Strategy Group, involved 1,002 high school students nationwide responding to questions about their post-high school plans and their perceptions of higher education.

Not surprisingly, college costs figure prominently in students’ plans.

“For the next generation of college students,” notes Ben Cecil, a senior education policy advisor with Third Way, “it’s not a question of whether cost matters in their postsecondary planning but how much it matters.”

That question of “how much” cost matters prompted survey designers to segment respondents based largely, though not exclusively, on socioeconomic class.

This framework consists of three groups. The first is the “college-going base,” made up of students who are “almost certainly” on a path toward a four-year college. They’re more apt to be white or Asian American and male and live in the Northeast, and they tend to come from higher-income backgrounds.

The second group is what they term “cost-pressured.” These students are likely heading to college but are more cost-conscious than “base” students. They’re also more racially diverse and largely come from middle-class and lower-income families.

And the final group is called “cost-dominant.” Some of these students hope to pursue a degree but question its worth, while others are considering alternatives. They’re typically male and come from middle-class or lower socioeconomic backgrounds.

Many responses are presented within this framework. For example, with respect to whether students view four-year colleges favorably, 78% of base students said yes, while only 30% of cost-dominant students did. Cost-pressured students are more likely than base students to view community colleges (63% vs. 50%, respectively) and trade or vocational schools (59% vs. 42%) favorably.

Overall, about one-third (29%) either aren’t considering a four-year college or said that cost creates a barrier. Among the popular alternatives are community college (40%), employment (37%), trade or vocational school (27%), apprenticeship (16%), and the military (13%).

Here again, where students fall within the report’s framework matters. More than 9 in 10 base students (92%) agree that a four-year college is “a good choice for someone like me,” while only 60% of cost-dominant students share that sentiment.

The cost dilemma remains apparent throughout.

More than 4 in 5 (82%) students overall believe a college degree is “very likely” or “somewhat likely” to lead to financial security, and 83% also said they are “very” or “somewhat” concerned about earning enough money after high school. Yet despite the recognition that a college degree would help alleviate that concern, many students choose another path because of the high cost of tuition.

That’s especially true for cost-dominant students, who say trade or vocational school (76%) or employment (75%) is a better route to financial security than a four-year college (61%).

The flip side of high tuition, of course, is loan debt. Although 62% of students say taking on some debt for college is “worth it,” almost half (46%) said the prospect of debt caused them to reconsider attending college or seek cheaper options after high school.

Prospective college students seek information about higher education from various sources, the report details.

Chief among them are guidance counselors, whom 68% of students turn to. Forty-one percent said they consult social media, especially Instagram and TikTok.

But information and trust are two different things. While 88% said they trust guidance counselors, almost half (47%) said they have little trust in what they see on social media.

Even fewer (25%) said they trust college rankings to guide their decisions despite the supposed hubbub that ensues each time new rankings appear.

When searching for information about colleges, what do students prioritize? It’s not winning sports teams (45%) or study abroad opportunities (59%) but instead effective career placement services (93%) and generous need-based financial aid (91%).

Cecil thinks this provides a learning opportunity for colleges, particularly those running the admissions marketing department.

“While colleges love to boast flashy experiences,” he writes, “the more they try to keep up with the Joneses, the more they may alienate the cost-dominant students who would benefit the most from enrollment but are on the fence about attending.”

Interestingly, 76% said taking classes on campus was important, while only 47% said the same thing about taking all classes online.

Cecil claims the main takeaway is that “today’s high schoolers still see the value of college” but “want to see positive returns on their big investment in higher ed.”

What are the implications for colleges? As institutions nationwide continue struggling to maintain enrollments and eye a threatening demographic decline, nearly half of potential college students — those whom this study deems cost-pressured or cost-dominant — are skeptical about pursuing a four-year degree.