Today's College Students Show Strong Commitment to Financing Education But Face Huge Financial Challenges

SAN MATEO, Calif., Aug. 12 /PRNewswire/ -- BookRenter, the leading textbook rental platform, today announced the results of its BookRenter College Experience Survey, revealing surprising insights into the huge financial challenges faced by current college students.  Conducted by Q & A Research, Inc. using a national online panel, the study focused on college student attitudes and experiences involving finances.

The BookRenter Survey found that while students are very involved in paying for their education -- only 9% of students enjoy a "free ride" -- their collegiate days are a far cry from what they originally envisioned. While the economy forced them to concede to a new, more fiscally responsible reality, students continue to demonstrate a strong commitment to higher education, even if they have to make compromises.  57% of students who believed they "settled" on their current school did so because of cost, not because they lacked the credentials, and one in seven students said they regret or are embarrassed about ways they earned money while in school to make ends meet.  

"The students who participated in this study displayed a tremendous commitment to education, often at great cost to themselves," said Mehdi Maghsoodnia, chief executive officer of BookRenter. "Students should be commended for their resolve. That's why BookRenter is dedicated to making their educational lives easier by dramatically reducing textbook expenses. It is our singular mission to relieve as much of the education cost burden as we can so that students can focus more on learning than how they're going to pay for school."

No More Empty Nest

If Mom and Dad thought that contributing to their child's education would be the end of their major financial obligations, they thought wrong. 69% of students believe they will still be somewhat financially dependent on their parents after graduation, and 20% anticipate that they will be forced to move home after school.  However, students actively look for ways to ease the burden on their parents, with 71% reporting that they try to save money wherever possible.

Students Don't Expect a Free Ride – But an Extra $500 Would Help

Although 60% of students reported that their parents could not pay for their tuition, they didn't throw Mom and Dad under the bus entirely. When asked if parents should pay for their educational expenses, only 3% indicated that parents should be expected to pay for everything, including tuition, college textbooks, living expenses, and spending money. But, more than half (55%) of respondents thought that parents should be responsible for everything but spending money.

Gone are their days of thoughtlessly spending on frivolous items. Students reported that if they were given an extra $500 per term, they would act responsibly and save it (61%), put it towards their education (56%), give it to their parents (11%), or pay down credit card debt (11%).

Today's students are also trying to get the most for their money.  77% of students think that textbooks are the leading source of wasted money and the biggest "scam" in college, which may be why so many are turning to renting used and new textbooks from BookRenter to save cash.

Stepping Off the Cliff

The financial learning curve is remarkably steep for most students. More than three-quarters (77%) said they didn't feel fully prepared to manage their own money when they went to college, and they placed the burden for that squarely on their parents. Most students (85%) believed that it was a parent's responsibility to actively teach them about money, while only 5% of students felt that the onus of learning about money is on them.  27% of respondents expressed that they learned how "not to manage money" from watching their parents. Conceivably as a result, more than half of students (51%) worry about their parents' financial futures, fearing that they won't be able to retire when or how they want.

About the Survey

Q & A Research conducted this survey using a national online panel. The survey consisted of multiple-choice questions, with several optional free-response follow-up opportunities. To qualify, respondents were required to be enrolled in a 4-year university and either a freshman/sophomore between the ages of 17-21 or a junior/senior between the ages of 20-25. Survey responses were collected between May 24 and June 15, 2010.

To learn more about the College Experience Survey and what BookRenter is doing to alleviate students' financial stress, please visit www.bookrenter.com.

About BookRenter

BookRenter launched in 2008 and is dedicated to making education more affordable by allowing students to rent textbooks for up to 75% off the retail price. BookRenter's innovative pricing and operating systems provide students with the best price, highest quality books, and most flexible rental experience available today. Currently carrying more than three million titles and serving thousands of students on over 5,000 U.S. campuses, BookRenter is one of the fastest growing startups in Silicon Valley, growing at over 400% each year. BookRenter, with offices in San Mateo, California, is a private company that is funded by prominent Silicon Valley venture capital firms. To learn more about how to use BookRenter for all of your textbook rental needs, please visit http://www.bookrenter.com.

About Q & A Research

Founded in 1991, Q & A Research, Inc. is a full-service marketing research firm located in the San Francisco Bay Area, offering both quantitative and qualitative services.  For more information, please visit: www.QAR.com.

SOURCE BookRenter