Working with low income populations, the idea of going to college is perceived to be out of reach. Because of this, in my field of practice, it is useful to me to come into literature and studies regarding student loan debt literacy. The terms used were money managing and financial education and literacy.
Although not much is presented with regards to previous literature review, the authors acknowledge the fact that there has been an increasing debate about the burden of acquiring school loan debt.
The purpose of the study was to examine the effect of generation status on student loan debt literacy. For clarity purposes, the researchers defined the terms studied as follow: one being financial literacy as the ability to understand, identify, interpret and set a responsible path for debt management in regards to student loan options, principles, and practices and the other being first-generation student as those students who come …show more content…
The response yielded a 31% response rate among mostly females, male counterparts outnumbered by two to one (106 to 50). 90% of the participants were white. 81 were considered first-generation and the rest continuing generation.
Mean scores were obtained on student’s knowledge of loan process, and the student’s consideration of loan debt, and other related factors. The samples were separated by the two groups being first generation and second continuing generation. Then, two separate tests were run based on results. Findings to point out include a relationship between family income and a student’s decision to use loans. In addition, according to findings, students in one of the subscales were not receiving the necessary information to understand financial debt
Although not much is presented with regards to previous literature review, the authors acknowledge the fact that there has been an increasing debate about the burden of acquiring school loan debt.
The purpose of the study was to examine the effect of generation status on student loan debt literacy. For clarity purposes, the researchers defined the terms studied as follow: one being financial literacy as the ability to understand, identify, interpret and set a responsible path for debt management in regards to student loan options, principles, and practices and the other being first-generation student as those students who come …show more content…
The response yielded a 31% response rate among mostly females, male counterparts outnumbered by two to one (106 to 50). 90% of the participants were white. 81 were considered first-generation and the rest continuing generation.
Mean scores were obtained on student’s knowledge of loan process, and the student’s consideration of loan debt, and other related factors. The samples were separated by the two groups being first generation and second continuing generation. Then, two separate tests were run based on results. Findings to point out include a relationship between family income and a student’s decision to use loans. In addition, according to findings, students in one of the subscales were not receiving the necessary information to understand financial debt