scholarly journals Financial capability of student loan holders who are college students, graduates, or dropouts

2020 ◽  
Vol 54 (4) ◽  
pp. 1383-1401
Author(s):  
Jing Jian Xiao ◽  
Nilton Porto ◽  
Irene McIvor Mason
Keyword(s):  
College Students ◽  
Student Loan ◽  
Financial Capability

The Relationship Between ADHD Symptomatology and Financial Well-Being Among College Students

2019 ◽  
pp. 108705471988744
Author(s):  
Jill M. Norvilitis ◽  
Braden K. Linn ◽  
Michelle M. Merwin
Keyword(s):  
College Students ◽  
Credit Card ◽  
Student Loans ◽  
Well Being ◽  
Student Loan ◽  
Financial Strain ◽  
Student Loan Debt ◽  
Financial Difficulties ◽  
Loan Debt ◽  
Students With Adhd

Objective: Although there is research that indicates financial difficulties among adults with ADHD, little research has examined financial well-being among college students with ADHD. Method: The present study explored the relationships between symptoms of ADHD and credit card and student loan debt, expected student loan debt, perceived financial well-being, worries about student loans, and financial strain behaviors among 612 college students at two public universities in different states. Results: Results indicated that students with more symptoms of ADHD reported lower perceived financial well-being, but there was no relationship between symptomatology and credit card and student loan debt or expected student loan debt. Conclusion: These results highlight the opportunity for interventions to address current perceived financial well-being and to prevent future financial concerns.

How Financial Literacy, Federal Aid Knowledge, and Credit Market Experience Predict Loan Aversion for Education

2017 ◽  
Vol 671 (1) ◽  
pp. 49-68 ◽  
Author(s):  
Angela Boatman ◽  
Brent J. Evans
Keyword(s):  
College Students ◽  
Community College ◽  
Community College Students ◽  
Financial Literacy ◽  
Fixed Effects ◽  
Student Loans ◽  
Student Loan ◽  
Market Experience ◽  
Financial Characteristics ◽  
Survey Responses

Many students are averse to taking out loans to pay for education—a phenomenon that is commonly discussed but rarely systematically analyzed. This study explores the relationship between student loan aversion and individual financial characteristics. In this analysis, we rely on a unique dataset of survey responses from more than 5,000 high school seniors, community college students who did and did not borrow for higher education, and adults without a college degree. Regression analyses, using a robust set of controls and institutional fixed effects, show that higher financial literacy and higher knowledge of federal student loans are related to lower loan aversion for education. The magnitude of these effects is large, as much as a 30 to 50 percent reduction in loan aversion in some samples. There is also evidence that prior experience with payday lending is related to increased loan aversion for community college students who did not borrow for college.

Financial Stress and Financial Counseling: Helping College Students

2015 ◽  
Vol 26 (2) ◽  
pp. 172-186 ◽  
Author(s):  
Sonya L. Britt ◽  
Anthony Canale ◽  
Fred Fernatt ◽  
Kristen Stutz ◽  
Racquel Tibbetts
Keyword(s):  
College Students ◽  
Financial Stress ◽  
Student Loan ◽  
Student Loan Debt ◽  
Financial Behaviors ◽  
Net Worth ◽  
Positive Effects ◽  
Financial Counseling ◽  
Loan Debt ◽  
Subjective Financial Knowledge

This study had two distinct purposes. First, to determine the predictors of financial stress among college students who sought free peer-based financial counseling from a large Midwestern university (N = 675). Secondly, to determine the effectiveness of the particular financial counseling center from a subsample of those who sought help (N = 97). Results of the regression analysis indicate that students more likely to experience financial stress include freshmen, those with low perceived mastery and net worth, and those with median student loan debt as compared to those with no student loan debt. Results of t-test analyses suggest that financial counseling had positive effects on subjective financial knowledge and financial attitudes and mixed effects on financial behaviors.

College student financial capability

2015 ◽  
Vol 33 (5) ◽  
pp. 637-653 ◽  
Author(s):  
Alvin J Williams ◽  
Ben Oumlil
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Program Design ◽  
Behavioral Outcomes ◽  
Student Loan ◽  
Decision Makers ◽  
Financial Knowledge ◽  
Content Type ◽  
Design And Implementation ◽  
Program Content

Purpose – The reviewed literature emphasized that the student loan debt issues have a lot of connections to the economy. This conclusion is in support with broader evidence that high student debt levels are a drag on economic growth. Additionally, disadvantaged and other vulnerable groups, including students, are more likely to be excluded from the formal, regulated financial sector and not be able to take advantage of mainstream financial service providers (e.g. lack access to credit, insurance, and other formal financial services). Among the primary reasons cited for this financial exclusion has to do with a lack of understanding or familiarity with traditional financial services. The aim of this paper is to look at alternate approaches in promoting financial literacy to manage the huge private debt burden facing this important segment of the population. The purpose of this paper is to advance a model of college students’ financial capabilities enhancement to partially alleviate some of the problems related to deficits in financial knowledge among this population. The integrative model provides a framework to be operationalized by institutional decision-makers and policymakers at all levels. The model can be adapted to fit unique institutional circumstances and culture. Successful implementation of the model has the potential to enhance the quality of financial health among college students and young adults. Design/methodology/approach – The manuscript’s aim is to advance a model of college students’ financial capabilities in an effort to prevent their financial exclusion. The proposed model provides a framework to be operationalized by institutional decision-making processes. The model offers six distinct, but inter-related components – antecedent variables, program design and implementation, delivery modalities, program content, behavioral outcomes, and measurement and assessment. Findings – The underlying raison d’etre for the model is to offer a comprehensive, inclusive, across-the-board roadmap to guide universities, and other organizations in conceptualizing, planning, organizing, implementing, and assessing financial education-related systems and processes designed to enhance the long-term financial choices and behaviors of students. Through careful consideration of each of the phases of the model, decision-makers at all levels and all types of organizations should have a stronger grasp of the depth and breadth of actions required to effect the desired changes in students’ financial behavior. Research limitations/implications – As with any paper there are limitations. The paper is conceptual and lacks data to test some of the linkages. Future research efforts should posit specific propositions to be tested based on the linkages offered in the model. Given the nature of the research theme, there is considerable benefit from taking a case-based approach to future research to offer more in-depth analyses of student financial literacy deficits across different situations and types, student markets, and educational institutions. The current research could also benefit from a stronger cross-cultural focus. While huge college student debt is probably more burdensome in the USA, it is helpful to get input from students in countries that lack a tradition of heavy borrowing to pay for college costs. Researching debt management trends across cultures should provide useful micro- and macro-economic data for policymakers and others. Practical implications – The paper introduces a model of college students’ financial capabilities enhancement and financial exclusion’s prevention that offers one avenue to partially remedy the direct and indirect ills perpetrated and perpetuated by insufficient financial knowledge among young adults, especially the college segment (i.e. to promote financial inclusion and financial exclusion’s prevention). The model provides a comprehensive and integrative path for college administrators and others to consider when designing programs to enhance the overall financial knowledge acumen and savvy of college students. Specifically, the model discusses antecedent variables, program design and implementation, delivery modalities, program content, behavioral outcomes, and measure and evaluation options. Social implications – There is considerable concern among students, parents, marketers, and public policymakers regarding deficiencies in financial knowledge and capabilities among the young adult population. Students have massive student loan debt, collectively, and there is a multifaceted clarion call to develop integrative solutions to this daunting scenario. The paper discusses the gravity and consequences of financial literacy deficits among college students and some associated solutions. Originality/value – The model offers six distinct, but inter-related components – antecedent variables, program design and implementation, delivery modalities, program content, behavioral outcomes, and measurement and assessment. The model is posited as an “intervention strategy” capable of strengthening the capacity of young college adults to make informed financial decisions, thus impacting their quality of life over the long run. In particular the model offers a form of empowerment to this consumer segment. As stated, the underlying raison d’etre for the model is to offer a comprehensive, inclusive, across-the-board roadmap to guide universities and other organizations in conceptualizing, planning, organizing, implementing, and assessing financial education-related systems and processes designed to enhance the long-term financial choices and behaviors of students. Through careful consideration of each of the phases of the model, decision-makers at all levels and all types of organizations should have a stronger grasp of the depth and breadth of actions required to effect the desired changes in students’ financial behavior.

Conversing With Kalamazoo Promise Scholars: An Inquiry Into the Beliefs, Motivations, and Experiences of Tuition-Free College Students

2018 ◽  
Vol 22 (4) ◽  
pp. 572-596 ◽  
Author(s):  
Daniel A. Collier ◽  
Ceceilia Parnther
Keyword(s):  
College Students ◽  
Student Motivation ◽  
Financial Distress ◽  
Student Loan ◽  
Qualitative Inquiry ◽  
Student Loan Debt ◽  
Kalamazoo Promise ◽  
Deep Appreciation ◽  
Strong Motivation ◽  
Institutional Stakeholders

This qualitative inquiry explores students’ ( N=20) perceptions of Kalamazoo Promise (KPromise), how perceptions influence student motivation, and by what means students are covering remaining costs. Responses indicated deep appreciation of KPromise, built through community efforts. Perceptions of KPromise have developed into strong motivation to perform and in times of underperformance drove guilt. As KPromise scholars assume uncovered costs, most are doing so via work. Half of the participants possess student loan debt, mostly to pay for larger up-front costs or emergencies. KPromise students still expeience financial distress; however, when put into context with non-Promise peers, these students recognize how KPromise eases such. Discussion centers on using this research in giving voice to students within tuition-free discourse and in helping institutional stakeholders better understand tuition-free students’ experiences.

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