TY - JOUR
T1 - Attitudes Toward Educational Loan Repayment Among College Students
T2 - A Qualitative Enquiry
AU - Bhandary, Rakshith
AU - Shenoy, Sandeep S.
AU - Shetty, Ankitha
AU - Shetty, Adithya D.
N1 - Publisher Copyright:
© 2023 Association for Financial Counseling and Planning Education.
PY - 2023
Y1 - 2023
N2 - The mounting educational loan delinquency is compelling bankers to discover various methods to reduce defaults in educational loan repayment. Policymakers emphasize designing a self-sustaining education financing model as a pathway to achieve inclusive education advocated by the United Nations. Willingness to repay is an attitudinal factor that envisages delinquency. With an aim to study the attitude of borrowers toward educational loan repayment using phenomenological research design, in-depth interviews were conducted with 40 postgraduate student borrowers from India to explore students’ loan repayment concerns. A qualitative data analysis software was used to consolidate data and visualize themes. The thematic analysis results include 11 subthemes classified under themes ofpositive and negative attitudes. Gratification, quality of life, and debt burden are the subthemes of negative attitude that may cause educational loan delinquency. Credit history, debt utility, financial knowledge, prioritizing repayment, integrity, and parenting practices are the subthemes of positive attitude that may help reduce educational loan delinquency. Practitioners in consumer finance can use the themes to assess the repayment attitude of the borrower, and educators can increase the financial knowledge of the borrowers.
AB - The mounting educational loan delinquency is compelling bankers to discover various methods to reduce defaults in educational loan repayment. Policymakers emphasize designing a self-sustaining education financing model as a pathway to achieve inclusive education advocated by the United Nations. Willingness to repay is an attitudinal factor that envisages delinquency. With an aim to study the attitude of borrowers toward educational loan repayment using phenomenological research design, in-depth interviews were conducted with 40 postgraduate student borrowers from India to explore students’ loan repayment concerns. A qualitative data analysis software was used to consolidate data and visualize themes. The thematic analysis results include 11 subthemes classified under themes ofpositive and negative attitudes. Gratification, quality of life, and debt burden are the subthemes of negative attitude that may cause educational loan delinquency. Credit history, debt utility, financial knowledge, prioritizing repayment, integrity, and parenting practices are the subthemes of positive attitude that may help reduce educational loan delinquency. Practitioners in consumer finance can use the themes to assess the repayment attitude of the borrower, and educators can increase the financial knowledge of the borrowers.
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U2 - 10.1891/JFCP-2022-0069
DO - 10.1891/JFCP-2022-0069
M3 - Article
AN - SCOPUS:85173785335
SN - 1052-3073
VL - 34
SP - 281
EP - 292
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
IS - 2
ER -
