Forty percent of online graduate learners say they plan to pursue another degree within the next two years. That suggests demand for continued education remains strong. Yet, the same learners report growing concerns about affordability, economic uncertainty, and changing financial aid policies-factors that are increasingly shaping whether and how they enroll.

To better understand those dynamics, 2U partnered with Hanover Research to survey 1,000 current and prospective online graduate learners across the United States. The findings reveal a market defined by competing forces: learners want the flexibility to balance studies with life and work, but they also seek personal connection with peers and faculty. They expect programs to deliver strong career outcomes, but are making critical funding decisions earlier due to concerns about cost and policies. While interest in continued learning is high, emerging barriers present new challenges that institutions cannot afford to ignore.

The study is part of a broader market intelligence initiative at 2U, designed to help partners better understand learner behavior, improve program competitiveness, identify growth opportunities, and support stronger student outcomes. We sat down with Amy Zalatan, 2U's Director of Market Insights, to discuss what the research revealed and what it means for institutions navigating a rapidly evolving market.

1) Let's start with introductions. Amy, you're relatively new to 2U. Tell us a little about your background and what brought you here.

The throughline of my career has been a passion for uncovering what makes people tick-why they make the decisions they do, and what influences their purchasing behavior. I've worked across industries, from B2B technology and ecommerce to consumer goods, but always through the lens of market research and insights.

When I saw the role at 2U, I was super excited about the prospect to help lead the market insights function and bring the voice of the learner front and center. We make big decisions in higher ed based on what we think learners want. I was drawn to the opportunity to replace more of those assumptions with clear evidence and help universities make decisions with greater confidence.

2) Why is market research such an important focus for 2U?

Market insights drive growth. The more we understand what learners want, the better equipped we are to build learning products that meet their needs, connect those learners with the right opportunities, and help our partners stay competitive.

At 2U, market intelligence is a critical enabler. It helps us and our partners see around corners, make smarter decisions, and better support learners.

3) What made this Hanover study worth pursuing?

We wanted to take a step back and look at the online graduate degree market holistically. The State of the Online Graduate Learner study with Hanover allowed us to do just that-examine the full learner journey from motivations for pursuing a degree all the way through to their reactions to major policy changes, like the One Big Beautiful Bill Act. It provides a valuable snapshot of where the market is today, establishes a benchmark we can measure against over time, and creates a foundation for understanding how factors like a macroeconomic climate are influencing enrollment decisions year after year.

4) The survey looked at recent federal financial aid changes. Why was that important?

The federal financial aid changes taking effect July 1 as part of the One Big Beautiful Bill Act are significant. There's still uncertainty around what the full impact will be for learners. We have our point of view on what it means, but we wanted to gauge whether learners were familiar with the impending changes and what aspects concern them most. Understanding what learners-both current and potential-care about helps us work alongside our partners to directly address their concerns and provide the information learners need to make informed decisions.

Ultimately, the better institutions understand what learners are worried about, the better positioned they are to support enrollment and retention while navigating the new normal.

5) If flexibility and outcomes are table stakes for online programs, where can institutions truly differentiate?

Flexibility is the built in expectation and key driver of why a learner chooses to pursue an online program in the first place.

Differentiation comes down to an ownable position in the market-what to highlight in your go-to-market campaigns to interested potential learners. Some learners are looking for affordable programs with a strong career-skills focus and a fast path to completion. Others are passionate lifelong learners who prioritize academic quality and prestige.

Institutions that understand which audience they're serving and communicate that value proposition clearly are the ones most likely to stand out.

6) Cost has always mattered in higher ed. What did the research uncover about how students think about affordability?

Program cost remains incredibly important-in our market study, affordability ranked just below flexibility when learners were making a program decision. But what stood out to me in the research was how early learners are making financial decisions in their research process. Many learners determine how they'll pay for a degree before they ever engage with a program, which makes cost transparency critical. The earlier institutions can provide clear information about tuition, financial aid, and funding pathways, the better.

What's also interesting is that affordability isn't the only consideration. In our parallel survey of current learners across 18 of our partner universities, we saw the importance of affordability dip among learners in favor of prestige, reputation, and program quality. Learners are weighing tradeoffs. Some prioritize speed and affordability, while others are willing to invest more for a highly-regarded program and an experience that closely mirrors the quality of an on-campus education. Both can and do exist in the market.

7) This survey is described as the first phase of a broader effort. What's next?

This is just the beginning. We have a robust research agenda underway across our portfolio, including studies focused on trends within particular degree verticals we serve, understanding the evolving edX learner, identifying what factors drive learners to choose one university over another, and modernizing some of our always-on learner feedback surveys. Our goal is to build a stronger, more continuous understanding of learner behavior across our portfolio.

8) If you could leave university leaders with one message from this research, what would it be?

Online graduate degree learners want the convenience and flexibility that come with choosing online, but they also want to feel a part of your university community. Figuring out how to serve both flexibility and belonging is the key to unlocking a great online graduate degree experience. Finding ways to build meaningful community in an online environment may be one of the most important opportunities in graduate education today.

9) Why is 2U uniquely positioned to conduct this kind of research and help institutions act on it?

2U sits at the intersection of learners, universities, and employers. That position gives us a unique perspective on the needs and expectations of each group. When we commission and undertake research, we are not looking at the market through a single lens. We are focused on understanding how all of these stakeholders interact and how we can create the best possible experiences across the ecosystem. This perspective allows us to identify opportunities that a traditional research agency or an individual institution might not see on its own. Our goal is to translate those insights into actions that then help our partners serve learners and remain competitive in a rapidly evolving market.