Investing in Uncertainty: Student Loans, Value Perception, and Financial Impact for First-Generation Students

• In Event: First-Generation College Students Perspectives: Adjusting to Campus, Financial Aid, College Access, and Belonging

Abstract

Student loan debt is an increasing concern within U.S. higher education. Guided by Human Capital Theory (Becker, 1993), this quantitative study investigated the relationship between student loan debt, perceived value, and financial impact on post-college transitions using data from the 2025 National Survey of Student Engagement (NSSE). In a sample of 20,549 seniors attending 97 institutions, we used basic inferential statistics to explore patterns and disparities between first-generation and continuing-generation students. Results suggest that first-generation students not only carry more loan debt, but that even after controlling for debt amount, they have more anxieties about post-graduation plans and financial stability. These findings can inform future research, as well as institutional policies and loan counseling practices with implications for postsecondary outcomes.

Authors

• Angie L. Miller, Indiana University

• Candace Marie Henry, University of South Florida

• Matthew P. Ison, Western Michigan University