College debt and financial behaviors
Many ECU students returning to Greenville for the 2011 fall semester will rely heavily on student loans and other debt instruments to finance their college experience.
Drs. Intae Yoon in the ECU School of Social Work and Bryce Jorgensen (Child Development and Family Relations) have published research on the finances of college students.
Jorgensen has researched the influence parents have on students' financial attitudes and behaviors, indicating that parents often fail to handle this issue well and that students suffer when money matters are treated as taboo subjects in the home. Read more about Jorgensen's research.
Yoon has researched the burden of debt incurred by social work students. According to Yoon, cross-sectional data reveal that credit cards (CCs) were more commonly used than any private educational loans by social work graduates in 2009 to finance their baccalaureate or master’s level degrees (n = 560). Upon graduation, 10.3% of the respondents owed at least $10,000 to CC companies. Students from low socio-economic classes, non-traditional students with dependents, divorced or widowed students, or community college attendees were more CC-debt ridden. Those who received their CC from family members (about $2,400 on average) have about $2,000 less debt than those who received the cards from off-campus mailing, $2,200 less than those who opened CC accounts from on-campus vendors, and $3,000 less than those who created CCs from multiple sources. Existing financial literacy classes appear to be ineffective in reducing their CC debt according to the data.
Contact information:
Bryce L. Jorgensen, PhD
Assistant Professor
Department of Child Development and Family Relations
College of Human Ecology
East Carolina University
Ph. 252-737-2074
jorgensenb@ecu.edu
Dr. Intae Yoon
Assistant Professor
School of Social Work
College of Human Ecology
East Carolina University
Rivers 220
Greenville, North Carolina 27858-4353
252-737-2077
yooni@ecu.edu
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Dr. Intae Yoon
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Dr. Bryce Jergensen
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