The Influence of Finances on a Young Woman's College Decision

Setting the Stage  

Utah Women and Education Project researchers conducted in-depth research in 2010 to discover why more young women around the state were not attending and graduating from college. Knowing how to pay for college is fundamental in deciding to attend. Over half (53.1%) of the young women participating in our survey did not receive financial support from their parents, while almost 10% of parents committed to paying for all college expenses. A number of parents contributed a percentage of the costs as well as helped their daughters find and fill out financial aid forms. 

Finances alone did not predict whether or not a young woman would attend and graduate from college. However, there were three important financial issues that did make it more likely that a young woman would commit to attending college and actively prepare for it.  

The most important activity that our female participants did was to save their own money for college, often by working part-time.This one action was oneof the highest predictors of educational success.  

1. The second was discussing financial aid with someone. Although most of these discussions took place with parents and counselors, it did not matter who they talked with. The most important element was that they had those importantconversations.
2. The third was having parents who were willing to help. This support was often in the form of money but also included material items (e.g., books), living expenses (e.g., staying at home), and emotional support. 

Financing College  

There are many ways in which students can finance education. The following options helped keep participants in college:  

• They obtained scholarships, which are usually monetary awards based on merit, such as a high GPA, that do not need to be repaid.  
• They received grants, such as the Federal Pell Grant, based on need or income that does not need to be repaid. Visit www.fafsa.ed.gov for federal student aid information. 
• They acquired federal student loans, which may be paid back after graduation. Visit www.staffordloan.com for low interest rate loans. 

Key Takeaways

Here are some key takeaways on a parent’s financial contribution towards their daughter’s education

• About 27% of participants did not talk to their parents about assistance in paying for college, primarily because they knew it wasn’t an option. 
• Young women with the greatest financial need did not always know about financial aid options or understand how to access them.
• Educated parents are more knowledgeable than uneducated parents about attending college and obtaining financial assistance for their daughters. 
• Nearly 54% of participants felt little or no financial and/or emotional support from parents and 35% felt moderate to strong support.

Conclusion 

For many young women in Utah, finding the financial resources to pay for college is overwhelming. It is important that we encourage young women to actively engage in financial conversations about college and then help them prepare. As influencers, it is essential that we guide young women towards college financial planning, which will help strengthen the positive impact of women in communities and in the state as a whole.  

To learn more about The Influence of Finances on a Young Woman’s College Decisions, read the snapshot.