Open AccessParental Discussion about Personal Finances: Does it Make a Difference in the Amount of Debt Incurred?
Author(s) -
Nancy Deringer
Publication year - 2013
Publication title -
journal of youth development
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.191
H-Index - 3
eISSN - 2325-4017
pISSN - 2325-4009
DOI - 10.5195/jyd.2013.106
Subject(s) - debt , credit card , loan , student loan , curriculum , student debt , finance , higher education , business , graduate students , psychology , medical education , economics , pedagogy , economic growth , medicine , payment
Higher education costs have increased substantially over the past two decades and, therefore, student loan debt has increased as well. Studies have shown that one earns more money over one’s lifetime if he/she has a four-year college degree. In fact, it is often substantially more depending upon one’s profession. However, for some individuals, the costs of funding higher education may be confusing and often times overwhelming. A study was completed at a university in the pacific northwest (n=778) which asked college students about their financial behaviors, credit card debt, student loan debt, discussions with parents, and in what topics or workshops they would like more information. Based on this data, faculty and graduate students from the school of family and consumer sciences and staff from the student financial aid office are creating workshops and curriculum to assist students in managing their debt and finances