Higher Education andIts Effect on Enrollment C O P Y R I G H T S TA N D A R D S This document contains proprietary research, copyrighted and trademarked materials of Gallup, Inc.Accordingly, international and domestic laws and penalties guaranteeing patent, copyright,trademark and trade secret protection safeguard the ideas, concepts and recommendations relatedwithin this document. The materials contained in this document and/or the document itself may be downloaded and/orcopied provided that all copies retain the copyright, trademark and any other proprietary noticescontained on the materials and/or document. No changes may be made to this document withoutthe express written permission of Gallup, Inc. Any reference whatsoever to this document, in whole or in part, on any webpage must provide a linkback to the original document in its entirety. Except as expressly provided herein, the transmissionof this material shall not be construed to grant a license of any type under any patents, copyright ortrademarks owned or controlled by Gallup, Inc. Gallup®is a trademark of Gallup, Inc. All rights reserved. All other trademarks and copyrights areproperty of their respective owners. Table of Contents Introduction For many Americans, education after high school is expensive, if notcost-prohibitive. During the 2021-22 academic year, the averagecost of attendance ranged from $10,000 per year at public, two-yearinstitutions to over $56,000 at private, four-year nonprofit colleges.1Students’ net cost is typically much less than the advertised stickerprice due to institutional grant aid and scholarships. However, 38% ofundergraduates still need to take out loans to pay for their education.2 The Lumina Foundation-Gallup State of Higher Education 2024 study shows that concernsabout college affordability are top of mind for Americans. This national survey focuseson three key segments of the U.S. adult population — those who are currently enrolledin postsecondary education, those who previously enrolled but have not completed adegree and those who never enrolled in education after high school — to understandtheir experiences with and attitudes toward postsecondary education. The survey shows that cost is a major perceived barrier to obtaininga college degree or postsecondary credential for all threesubpopulations. Cost is a top reason why currently enrolledstudents, especially bachelor’s and associate degreestudents, consider stopping out of college. Costs arealso a key reason unenrolled Americans say theyare not pursuing a degree. Despite concerns about cost, fewunderstand the actual price of highereducation — specifically, the price ofobtaining a bachelor’s degree.Learningabout the actual cost of attendanceincreases unenrolled Americans’reported interest in pursuing acollege degree.Costs also affecttheir persistence rates onceenrolled, as well as the timing oftheir major life decisions like buyinga house and having children. Key Findings Thirty-one percent of currentlyenrolledadults who haveconsidered stopping theircoursework cite cost as areason. Cost is an especiallyimportant consideration forwithdrawing among bachelor’sdegree students. More than half (56%) ofnever-enrolled and previouslyenrolled adults saycost is a“very important” reason whythey have not enrolled orreenrolled in college. Unenrolledadults across race, age andfirst-generation college studentstatus consistently rate cost asthe most important factor in theirdecision to remain unenrolled. Twenty-three percent of U.S.adults without college degreesestimate the annual net costof a bachelor’s degree from apublic college within $5,000of the actual cost. Half of adultswho never enrolled in a two- orfour-year degree program saythey are at least somewhatmore likely to pursue a four-yearcredential after learning theactual cost of a degree. Thirty-five percent of U.S. adultswithout a college degreesay allor most people in the U.S. haveaccess to quality, affordableeducation after high school— anincrease of 12 percentage pointsfrom 2022. Seventy-one percent of currentlyand previously enrolled U.S. adultswho have taken out loans reporthavingdelayed at least onesignificant life event because oftheir student loan debt, includingbuying a home, purchasing a car orreturning to complete their degreeor credential. Americans See the Value ofCollege, but Cost Continues toHinder Access More than half of U.S. adults say bachelor’s degreesare valuable. Most Americans say all types of postsecondary credentials are “extremely” or “very”valuable, including industry certifications (74%), certificates (64%), associate degrees(60%), bachelor’s degrees (75%) and graduate degrees (80%). This finding is true ofcurrently enrolled and unenrolled adults. Notably, 75% of adults previously enrolled in adegree program and 73% of never-enrolled adults rate bachelor’s degrees as extremelyor very valuable. C H A R T 1 Americans’ Value of Degrees and Postsecondary Credentials Am