Parental Discussion about Personal Finances: Does it Make a Difference in the Amount of Debt Incurred?

Nancy C. Deringer

Abstract


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.

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DOI: https://doi.org/10.5195/jyd.2013.106

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