The Relationship Between Student Loan Debt and Financial Wellness

Robin Henager · Melissa J. Wilmarth

37 citations0/0 files storedFamily and Consumer Sciences Research Journal

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Financial Literacy, Pension, Retirement Analysis Higher Education Research Studies Financial Literacy and Behavior

Abstract

With the rising cost of tuition, the burden of student loans on individuals and families is increasing. Using data from the National Financial Capability Study (NFCS), the researchers analyzed the relationship between financial wellness and the presence of student loan debt. Results from ordered logistic regression showed that holding a student loan was negatively related to financial wellness, but having a college degree (as compared to having a high school degree) was positively associated with financial wellness. It is important for a student to understand this and weigh the decision to borrow for college considering the costs and benefits.

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References

1993Nobel Lecture: The Economic Way of Looking at Behavior 2007Education Pays: The Benefits of Higher Education for Individuals and Society 2004An Exploratory Framework of the Determinants of Financial Satisfaction 2009Pathways to life success: A conceptual model of financial well-being for young adults 2002The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings. Special Studies. Current Population Reports.2010Constrained after college: Student loans and early-career occupational choices 2008Acting for Happiness: Financial Behavior and Life Satisfaction of College Students 2011Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey

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2021Good credit, bad credit: The differential role of the sources of debt in life satisfaction 2021Income more important than financial literacy for improving wellbeing 2023Financial inclusion, financial capability and financial fragility during COVID-19 pandemic 2021Factors Contributing to the Financial Self-Efficacy of Student Loan Borrowers 2021

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