Presentation Title

Examining the Impact of College Finances on Academic Achievement and Financial Anxiety of Dominican Students

Start Date

April 2020

End Date

April 2020

Major Field of Study

Global Public Health

Student Type

Undergraduate

Faculty Mentor(s)

Patti Culross, MD, MPH

Presentation Format

Poster Presentation

Abstract/Description

In recent years, college might seem like a luxury for some. According to the Student Debt and the Class of 2018 report, in the United States, the graduating class of 2018 had an average debt of nearly $30,000 and about two-thirds of graduates had taken out loans to help pay for school. (Gonzalez, Ahlman, & Fung, 2019) While evidence has shown that college finances has been known to cause stress in college students, less in known about the impact of college finances on Dominican students’ academic achievement and financial anxiety. While the average tuition for the 2019-2020 academic year is $46,260, the estimated cost of attendance to live on campus is $67,385 (Undergrad Tuition). Both estimations are before taking into account scholarships, grants, and loans. According to US News, Powell and Kerr (2019) state that the average tuition for the 2019-2020 academic year is $36,801, for private colleges and universities. By comparison, Dominican’s tuition is almost $10,000 more than the country’s average for private schools. Therefore, this study aims to examine the relationship between college finances and students' academic achievement and financial anxiety, while also taking into account confounders such as race/ethnicity, class level, parents’ annual household income, being a 1st generation student, and employment status.

Key words: college, loan, debt, finances, academics, anxiety, students, private school

Comments

This presentation was accepted for the Scholarly and Creative Works Conference at Dominican University of California. The Conference was canceled due to the Covid-19 Pandemic

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Examining the Impact of College Finances on Academic Achievement and Financial Anxiety of Dominican Students

In recent years, college might seem like a luxury for some. According to the Student Debt and the Class of 2018 report, in the United States, the graduating class of 2018 had an average debt of nearly $30,000 and about two-thirds of graduates had taken out loans to help pay for school. (Gonzalez, Ahlman, & Fung, 2019) While evidence has shown that college finances has been known to cause stress in college students, less in known about the impact of college finances on Dominican students’ academic achievement and financial anxiety. While the average tuition for the 2019-2020 academic year is $46,260, the estimated cost of attendance to live on campus is $67,385 (Undergrad Tuition). Both estimations are before taking into account scholarships, grants, and loans. According to US News, Powell and Kerr (2019) state that the average tuition for the 2019-2020 academic year is $36,801, for private colleges and universities. By comparison, Dominican’s tuition is almost $10,000 more than the country’s average for private schools. Therefore, this study aims to examine the relationship between college finances and students' academic achievement and financial anxiety, while also taking into account confounders such as race/ethnicity, class level, parents’ annual household income, being a 1st generation student, and employment status.

Key words: college, loan, debt, finances, academics, anxiety, students, private school