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2023 Annual Conference

du 16 au 18 May 2023

Palace Station Hotel & Casino, Las Vegas, NV, US

IMPORTANT NOTICE: The date, time, and room assignment of YOUR presentation is SUBJECT TO CHANGE.

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Confirm your place in the schedule by following the instructionss that were emailed to you. Each presentation must have a separate paid registration. Contact the ACCI office immedicately by email at admin@consumerinterests.org to report any conflict, all corrections to the details of the presentation (including author names and the order they are listed as this is how it will be in the final program), or if you have any questions. Please be sure to reference the session title(s), date(s), and time(s) when you contact us.

H1d The Impact of Exponential Growth Bias on Student Loan Decisions of Emerging Adults

jeudi 18 mai 2023 à 13:00–14:30 PDT
Room 1
Short Description

Using semi-structured, in-depth interviews, we investigated the role of exponential growth bias (EGB) in the student loan decisions of emerging adults. Compound interest is an important factor in a loan decision, but the implications of compounding are not well understood by borrowers (Foltice, 2017). Biased individuals underestimate the total cost of borrowing (Soll et al., 2013). EGB is correlated with higher debt-to-income ratios (Stango & Zinman, 2009) and increased use of high-interest debt (Goda et al., 2019). The role of EGB in student loan decisions has not been previously studied. We investigated EGB’s impact on students’ willingness to take on debt, how much they borrow, and their repayment strategies. Our findings illuminate a probable mechanism by which EGB impacts student debt levels. The results detail how socioeconomic status, family socialization, and financial education may moderate the impact of EGB on student debt decisions.

Type of presentation

Accepted Oral Presentation

Submitter

Janae Chandler, University of Utah

Authors

Janae Chandler, University of Utah
Evelyn Acosta, University of Utah
Taylor Holladay, University of Utah
Aaron Ibarra, University of Utah
Jessie Fan, University of Utah
Chargement en cours …