EFFECT OF FINANCIAL FACTORS ON THE POSTSECONDARY PARTICIPATION AND CHOICE FOR FIRST-GENERATION STUDENTS

Abstract

EFFECT OF FINANCIAL FACTORS ON THE POSTSECONDARY PARTICIPATION AND CHOICE FOR FIRST-GENERATION STUDENTS Deanna Pickney The University of Texas at Arlington, 2023 Supervising Professor: Dr Maria Trache

As first-generation students make the decision to pursue postsecondary education and choose a specific college, they are currently met with the reality of rising tuition costs and a student loan debt crisis. First-generation students come often from low socio-economic backgrounds and their comprehension of the higher education financial system can vary significantly. This quantitative study uses data from the High School Longitudinal Study of 2009 to examine the financial factors that contribute to first-generation students’ postsecondary education participation and choice by age 22. The guiding theoretical framework is Bourdieu's theory of capital that supports the notion that acquisition of college finance capital can be beneficial to navigate the higher education financial system. In addition, Gudmunson and Danes’ (2011) theory of financial socialization contends that children's financial well-being will be related continuously and over the course of their lives to what children learn (and do not learn) about money from their parents. Findings from this study confirm financial socialization and college finance capital factors seem to have an impact on both participation and choice in higher education.