Provident Bank Survey: 7 in 10 Americans Are Rethinking Higher Education, and Nearly 1 in 3 Are Eyeing the Alternatives

Student debt concerns made trade schools, technical schools or certificate programs more appealing to 65% of respondents.

Rhea-AI Summary

Provident Bank (PFS) released a survey finding that 71.3% of respondents changed their or their family’s education plans because of rising costs. Pollfish surveyed 1,001 U.S. adults who were paying or saving for their own or a dependent’s higher education.

Only 20.6% said a degree is clearly worth its cost. Asked which education path offers the best financial return, 35.4% chose four-year college and 30.4% chose trade or technical school. Education-saving products or guidance from a bank were very or extremely important to 51.4% of respondents, while 24.4% said their current bank offers such guidance and they use it.

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New survey of 1,001 U.S. adults reveals how rising education costs, shifting ROI expectations, and growing student debt anxiety are reshaping how Americans plan and pay for higher education

ISELIN, N.J., Sept. 29, 2026 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, announced today the results of its 2026 Higher Education Survey, which examines how American families are navigating the rising cost of higher education, evolving views on the value of a degree, and growing interest in alternative education paths. The findings reflect a financial reassessment now evident in how families plan, save, and make decisions related to college.

The financial pressure surrounding higher education remains a significant concern. The survey found that nearly 70% of respondents are concerned about the cost of higher education, and more than 70% say rising costs have already prompted changes in their families’ plans. As families weigh their options, the data reflects a more nuanced picture of how Americans think about the value of education today. Only 20.6% believe the financial return of a degree is clearly worth the cost, and 30.4% identify trade or technical school as the path offering the best financial return available.

“Higher education can be a powerful investment in a person’s future, but how families plan and pay for it can have financial implications for years to come. As a trusted financial partner, we have a responsibility to help customers make informed decisions, understand the options available to them, and provide tailored solutions that support both their educational aspirations and their long-term financial goals,” said Anthony Labozzetta, President & CEO, Provident Bank.

Key data highlights include:

• The Financial Return of a Degree Is No Longer a Given: Only 20.6% of respondents believe a higher education degree is clearly worth the cost today. 48.5% say it depends on the school, degree, and career path, and 19.4% say the cost outweighs the potential return outright. Skepticism also extends to graduate school: 43.9% of respondents say the financial return on a master’s degree is weaker than it was 10 years ago, either somewhat weaker (22.2%) or much weaker (21.7%), while only 13.8% say it is much stronger.
  
  
• Rising Costs Are Driving Behavioral Changes: 71.3% of respondents say rising education costs have changed their or their family’s plans either significantly (28.4%) or somewhat (42.9%). Less than 28% say costs have had no effect on their planning. Nearly 70% are extremely or very concerned about the cost of higher education today.
  
  
• Trade School Is Gaining Ground as a Financial Decision: 30.4% of respondents identify trade school or technical school as the education path offering the best financial return today, second only to four-year college (35.4%). Nearly two in three respondents (65%) say concerns about student debt have made trade schools, technical schools, or certificate programs more appealing, with more than 30% finding them much more appealing. 61.7% say they are more likely now than a few years ago to consider lower-cost education options such as in-state universities, community colleges, or trade schools.
  
  
• Savings and Debt Planning Are Lagging Behind Rising Costs: 19.4% of respondents are unsure how much student loan debt they or their child will need to take on. Among those who do expect debt, 9.9% expect $100,000 or more, and 11.8% expect between $50,000 and $74,999. Only 7.9% started saving before their child was born, and 13.5% have not started and do not plan to.
  
  
• Banks Have a Clear and Growing Opportunity to Support Families: 51.4% of respondents say it is extremely or very important that their bank offers dedicated products or guidance for saving toward education. However, only 24.4% say their current bank offers this kind of guidance, and they actually use it. 18.4% say their bank offers nothing at all in this area. As families face one of the most consequential financial decisions of their lives, the data points to a meaningful and largely untapped role for financial institutions.
  
  

“Planning for higher education is one of the most complex financial challenges a family faces, and our survey shows that most feel they’re doing it without adequate support. Provident’s Financial Wellness Center is designed to address that. From 529 guidance to education savings tools that help families understand their options before the bills arrive, we’re here to help families plan smarter, not just save harder,” said Renee Altomonte, Executive Vice President, Retail Banking Director, Provident Bank.

The survey was conducted by Pollfish, a market research provider, on behalf of Provident Bank. The findings are based on responses from 1,001 U.S. adults currently paying or saving for higher education — either their own or a dependent's — across all four census regions, spanning a range of income levels, employment statuses, and age groups.

About Provident Bank

Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS). With assets of $25.66 billion as of June 30, 2026, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 135 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.

Media Contact:

Keith Buscio, First Vice President, Director of Public Relations
Keith.Buscio@provident.bank

FAQ

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What did Provident Bank’s 2026 survey find about the financial return of a degree?

20.6% of respondents said a higher education degree is clearly worth its cost, while 48.5% said the answer depends on the school, degree and career path. Another 19.4% said the cost outweighs the potential return.

How much student loan debt did respondents in Provident Bank’s survey expect?

19.4% were unsure how much debt they or their child would need to take on. Among respondents who expected debt, 9.9% expected $100,000 or more, and 11.8% expected between $50,000 and $74,999.