Costs on the Mind: The Influence of the Financial Burden of College on Academic Performance and Cognitive Functioning

The current studies test the hypothesis that the financial burden of college can initiate a psychological process that has a negative influence on academic performance for students at selective colleges and universities. Prior studies linking high college costs and student loans to academic outcomes...

Full description

Saved in:
Bibliographic Details
Published in:Research in higher education 2018-05, Vol.59 (3), p.302-324
Main Authors: Destin, Mesmin, Svoboda, Ryan C.
Format: Article
Language:English
Subjects:
Academic Achievement
Cognitive Processes
Colleges & universities
Debt (Financial)
Education
Higher Education
Hypotheses
Hypothesis Testing
Longitudinal Studies
Outcomes of Education
Paying for College
Student Costs
Student Loan Programs
Student loans
Universities
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The current studies test the hypothesis that the financial burden of college can initiate a psychological process that has a negative influence on academic performance for students at selective colleges and universities. Prior studies linking high college costs and student loans to academic outcomes have not been grounded within relevant social psychological theory regarding how and when the financial burden of college can influence students' psychological and cognitive processes. We test the hypothesis that the salient financial burden of college impairs students' cognitive functioning, especially when it creates an identity conflict or perceived barrier to reaching a student's desired financially successful future. First, we use longitudinal data from 28 selective colleges and universities to establish that students who accumulate student loan debt within these contexts are less likely to graduate from college because student loan debt predicts a decline in grades over time, even when controlling for factors related to socioeconomic status and prior achievement. Then, in an experiment, we advance research in this area with a direct, causal test of the proposed psychological process. An experimental manipulation that brings high college costs to mind impairs students' cognitive functioning, but only when those thoughts create an identity conflict or a perceived barrier to reaching a student's desired financially successful future.
ISSN:0361-0365
1573-188X
DOI:10.1007/s11162-017-9469-8