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Navigating the Financial Aid Process: Borrowing Outcomes among First-Generation and Non-First-Generation Students

Authors :
Brian P. McCall
Kristen M. Glasener
Meghan Oster
Stephen L. DesJardins
Fernando Furquim
Source :
The ANNALS of the American Academy of Political and Social Science. 671:69-91
Publication Year :
2017
Publisher :
SAGE Publications, 2017.

Abstract

A growing number and proportion of students rely on student loans to assist with the costs of postsecondary education. Yet little is known about how first-generation students use federal loans to finance their education. In this article, we examine each of the decisions that culminate in student indebtedness: the decision to apply for aid, whether to borrow, and how much to borrow. We find significant differences by generational status at each step of the student borrowing process. First-generation students are more likely to apply for financial aid, borrow, and take out larger loans than their peers, after controlling for a rich set of covariates for costs and financial resources. We find that student characteristics cannot fully explain these observed differences in borrowing outcomes across generations.

Details

ISSN :
15523349 and 00027162
Volume :
671
Database :
OpenAIRE
Journal :
The ANNALS of the American Academy of Political and Social Science
Accession number :
edsair.doi...........6bca00e9f6ee8e6d18a7a6dcc6908d95
Full Text :
https://doi.org/10.1177/0002716217698119