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Heading in the Right Direction? Examining the Relationship of Transfer Patterns and Income Status on College Student Outcomes
Given the prevalence of transfer activity, education stakeholders must understand how transfer may be associated with student outcomes. Such knowledge is critical, as the COVID-19 pandemic and economic downturn have impacted college enrollment and student transfer behavior. Relying on a sample of 6510 undergraduate students from BPS:12/17 data, we conducted analyses using multiple regression to examine the relationship between student transfer direction and two student outcomes: time to degree and cumulative loan debt. Further, we analyzed whether these relationships varied by income status, using adjusted gross income (AGI) as a proxy. We found that transferring from one postsecondary institution to another may extend time to degree by one academic semester and result in increased student loan debt, with these findings varying by income level.
Journal Article
Financial Capability, Financial Education, and Student Loan Debt: Expected and Unexpected Results
This study used the 2015 National Financial Capability Study to investigate the relationships among financial capability, financial education, and student loan debt outcomes. Specifically, this study examines four student loan outcomes: delinquency, stress, preparation, and satisfaction among borrowers who obtained loans for themselves. Three forms of financial capability (objective financial knowledge, subjective financial knowledge, and perceived financial capability) and two forms of financial education (formal school/workplace education and informal parental education) were used as potential predictors in the study. The Probit regression results showed that expectedly, several financial capability and financial education factors were positively associated with desirable financial outcomes such as loan calculation and loan satisfaction, and negatively associated with undesirable outcomes such as loan stress and loan delinquency. However, this study also showed several unexpected results. For example, objective financial knowledge was negatively associated with loan calculation and loan satisfaction, and subjective knowledge and formal financial education were positively associated with loan delinquency.
Journal Article
Attitudes Toward Educational Loan Repayment Among College Students: A Qualitative Enquiry
The mounting educational loan delinquency is compelling bankers to discover various methods to reduce defaults in educational loan repayment. Policymakers emphasize designing a self-sustaining education financing model as a pathway to achieve inclusive education advocated by the United Nations. Willingness to repay is an attitudinal factor that envisages delinquency. With an aim to study the attitude of borrowers toward educational loan repayment using phenomenological research design, in-depth interviews were conducted with 40 postgraduate student borrowers from India to explore students' loan repayment concerns. A qualitative data analysis software was used to consolidate data and visualize themes. The thematic analysis results include 11 subthemes classified under themes of positive and negative attitudes. Gratification, quality of life, and debt burden are the subthemes of negative attitude that may cause educational loan delinquency. Credit history, debt utility, financial knowledge, prioritizing repayment, integrity, and parenting practices are the subthemes of positive attitude that may help reduce educational loan delinquency. Practitioners in consumer finance can use the themes to assess the repayment attitude of the borrower, and educators can increase the financial knowledge of the borrowers.
Journal Article
Education without Debt
Almost 50 million Americans have cumulatively borrowed more than
$1.5 trillion to attend college. Roughly one-third of all adults
aged 25 to 34 have a student loan. In Education without
Debt businessman and philanthropist Scott MacDonald examines
the real-life impact of crushing levels of student debt on
borrowers and what can be done to fix this crisis.
Weaving together stories of debt-impaired lives with stories of
personal success achieved with the essential help of financial aid,
MacDonald reveals the devastating personal and societal impact of
the debt problem and offers possible solutions. He explores the
efforts of colleges and private philanthropists to make education
affordable and relates his own experience of funding financial aid
for need-eligible students at five universities.
Education without Debt is a must-read book for anyone
concerned about the rising cost of education and what to do about
this critical policy and societal issue.
eBook
Graduates’ responses to student loan debt in England: “sort of like an acceptance, but with anxiety attached”
In 2020–2021, 94% of undergraduates in England took out government-backed loans to fund their higher education. The growing and widespread use of student loans in England, mounting student debt, and governments’ increasing dependence on tuition fees underwritten by loans to finance public higher education raise important questions which this paper seeks to address. Specifically, the paper asks how do graduates respond to student loan debt and what does this tells us about the nature of the relationship between the graduate debtor and the state lender? We also question the usefulness of symbolic violence as a sociological lens to better understand graduates’ different patterns of responses and reactions to student loan debt and their relationship with the state lender. Our analysis draws on 98 in-depth qualitative interviews conducted with English graduates between 2020 and 2021. We conclude that a more comprehensive explanation requires an exploration of both symbolic violence and structural violence and a re-appraisal of the word ‘violence’ to better represent the wide range of graduates’ responses.
Journal Article