Exploring Financial Burdens of Student Loan Holders in the United States

Family Consumer Science Research Journal. 46(4), 347-362

27 Pages Posted: 24 Jun 2018

See all articles by Jae Min Lee

Jae Min Lee

Minnesota State University, Mankato

Kyoung Tae Kim

University of Alabama

Eunice Hong

Korean Women’s Development Institute; Ohio State University - Consumer Sciences Department; Sungshin Women's University

Date Written: June 7, 2018

Abstract

This study examined the profile of student loans in the U.S., identifying the determinants of three types of financial burdens attributable to student loans: (1) outstanding balance; (2) loan payment-to-income ratio, and (3) loan delinquency. The pooled dataset from the 2010 to 2013 Survey of Consumer Finances was used, and the analytic sample size was 2,161 households with outstanding student loan balances. Regression results indicated that factors associated with student loan burden varied; households with a higher educational attainment had greater student loan debt with high loan payment-to-income ratios and were less likely to be delinquent compared to those with a high school degree or less. This study provides broad aspects of student loan debt payment and potential risks, which provide opportunities for further research.

Keywords: Student Loans; Financial Burden; Debt Payment; Survey of Consumer Finances

JEL Classification: D12; D14; I22

Suggested Citation

Lee, Jae Min and Kim, Kyoung Tae and Hong, Eunice, Exploring Financial Burdens of Student Loan Holders in the United States (June 7, 2018). Family Consumer Science Research Journal. 46(4), 347-362. Available at SSRN: https://ssrn.com/abstract=3192601

Jae Min Lee (Contact Author)

Minnesota State University, Mankato ( email )

120 Wiecking Center
Mankato, MN MN 43210
United States

Kyoung Tae Kim

University of Alabama ( email )

312 Adams Hall
Tuscaloosa, AL 35487-0001
United States

Eunice Hong

Korean Women’s Development Institute ( email )

225 Jinheung-ro Eunpyeong-gu
Seoul, 03367
Korea, Republic of (South Korea)
82-2-3156-7139 (Phone)
82-2-3156-7276 (Fax)

Ohio State University - Consumer Sciences Department ( email )

United States

Sungshin Women's University ( email )

249-1 Dong-Dong 3-Ka Sungbuk-Ku
Seoul 136-742
Korea, Republic of (South Korea)

Register to save articles to
your library

Register

Paper statistics

Downloads
14
Abstract Views
119
PlumX Metrics