Researcher(s)
- Fanta Barry, Finance, University of Delaware
Faculty Mentor(s)
- Laura Fields, Finance, University of Delaware
Abstract
Student loans have become an essential component of modern higher education financing, allowing millions of students around the world to pursue their academic goals. The government provides federal loans, which are widely available to students worldwide. This research paper delves into the history of federal student loans, its complexities, positives and negatives, and income driven repayment plans. The issues surrounding federal student loans have caused controversy all over the media, especially with the daily news. This paper will be an informative piece on the timeline of student loans for borrowers to ultimately get a consensus if the student loans themselves are the problem or if its lack of knowledge surrounding it. Furthermore, this paper explores the challenges of student loans and puts a lens on black and brown students. Through this examination, borrowers should discover more knowledge on making more financially sustainable decisions when it comes to the nature of student loans. In the near future, I hope to conduct an experiment through surveying college students on financial literacy in student loans using the knowledge I have learned through my research.