Doctoral Dissertation Research: Paying for College and Uncertainty

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Title: Paying for College and UncertaintyThis project will examine the complex relationship between student loan debt, college access, and the American Dream. At over $1.3 trillion, rising total US student loan debt has sparked public concern, yet the experience of student borrowers is poorly understood. Research has shown that debt-based financial aid affects college access and college completion, but few studies have examined how college students understand their loan use in relation to the college experience, aspirational goals, and their plans for the future. The project will expand knowledge about how students make decisions as they navigate financial markets and financial risk in order to meet their social mobility and/or lifestyle goals. Knowledge generated by this project will be of value to US policymakers, stakeholders, and members of the public who seek, or support, efficient and fair means of providing access to higher education. To achieve its research objectives, the project employs a mixed-method longitudinal design. Phase 1 surveys registered seniors (N=975) at a public flagship university and collects in-depth interviews with a strategic subsample of survey participants (N=111). The main objective of this phase is to assess: 1) student perceptions of the risk and social legitimacy of borrowing to pay for a college degree; 2) how pathways taken through college?including choice of major, lifestyle and consumption habits?are framed in relation to means of paying for it; and 3) the role a debt-financed college degree plays in how students imagine their futures unfolding. Phase 2 of the project will revisit the original interviewees for a second interview approximately 15-18 months after the students have graduated. The objective of Phase 2 is to address how orientations to debt affect life strategies after graduation, such as where to live, what jobs to take, and how to manage future financial risk. Phase 2 will also be used to compare how student views of their futures change after graduation. Combined, the two phases of research will contribute to public and scholarly debate about the ethics and implications of financing higher education with student loans.