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C3c Predictors of Holding Student Loans and Receiving Government Assistance
Key Words
Economic Policy, Economic Vulnerability, Financial Education, Government Assistance, Student Loan Debt
Short Description
Using data from the 2018 FINRA Investor Education Foundation’s National Financial Capability Study (NFCS), the purpose of this study was to explore socio-economic differences in four groups of individuals: 1) those who hold no student loans and do not receive government assistance (secure individuals), 2) those who have student loans but are not receiving government assistance (student loaners), 3) those who are receiving government assistance but do not hold student loans (reliant individuals), and 4) those who both have student loans and are receiving government assistance (reliant loaners). Our research questions include what are demographic and individual characteristics of these four groups, what are the predictors of the probability of being in each of these groups, and which group appears to be the most economically vulnerable. We found that while individuals in both the reliant individuals and reliant loaners group are below poverty rates to a degree that qualifies them for government assistance, measures of economic vulnerability were more likely to significantly increase the probability of belonging to the reliant individuals group than to increase the probability of belonging to the reliant loaners group.