RESEARCH METHODOLOGY ASSIGNMENT 2
Title: – Students facing circumstances in repaying their college debt
Authors: – Kunika Agrawal, Shivangi Maharana, Aryan Shah
Introduction: – In the pursuit of higher education, countless students embark on a journey to acquire knowledge, skills, and a pathway to a brighter future. However, this noble pursuit often comes with a formidable companion – the burden of college debt. As the cost of education continues to soar, an increasing number of students find themselves grappling with the challenges of repaying their accumulated debts. This financial strain has far-reaching consequences, impacting not only individual lives but also the broader societal landscape. In this era of escalating student loan debt, it becomes imperative to delve into the circumstances that students face as they navigate the complexities of repayment, shedding light on the barriers that hinder their progress and exploring potential solutions to alleviate this pressing issue.
Objective: – To understand the underlying issue of students repaying college debt.
Literature Review: – Students facing circumstances in repaying their college debt” would involve examining various studies, articles, and research papers that have explored the challenges and factors influencing student loan repayment. The landscape of higher education has witnessed a paradigm shift over the years, with the pursuit of knowledge increasingly accompanied by the formidable challenge of repaying college debt.
Data Collection: – 5 questions were put on a Google form and were circulated to 100 students of the ITM. For every question, the mean, standard deviation, standard error, and t-stat were calculated. This data was primarily collected by us for the same.
Testing of Hypothesis:
Ho: μ=3
H1: µ≠3
Data Analysis: –
|
|
Mean |
Standard Deviation |
Standard Error |
T- Stat |
Result |
|
Question 1 |
3.3 |
1.15 |
0.08 |
11 |
H1 |
|
Question 2 |
3.05 |
0.95 |
0.11 |
6.2 |
H1 |
|
Question 3 |
3.22 |
0.97 |
0.07 |
5.01 |
H1 |
|
Question 4 |
3.86 |
1.03 |
0.13 |
4.7 |
H1 |
|
Question 5 |
2.88 |
1.19 |
0.09 |
13.63 |
H1 |
Conclusion: –
Que 1- Should College students take the initiative to apply for scholarships before high school graduation ?
Result- T-Stat is 11 which means we accept hypothesis and t is positive more than 1.96. It means college students take initiative to apply for scholarships.
Que 2- Is Succumbing to peer pressure and spending on expensive items with credit cards a common financial issue for college students ?
Result- T-Stat is 6.2 which means we accept hypothesis and t is positive more than 1.96. It means spending credit card on expensive items a common financial issue for college students.
Que 3- Is it advisable to avoid taking out student loans that need to be repaid, especially from private lenders ?
Result- T-Stat is 5.01 which means we accept hypothesis and t is positive more than 1.96. It means it is advisable for students to avoid taking out loans from private lenders.
Que 4- Should students be more aware and utilize resources like the Pell Grant, regardless of their family income ?
Result- T-Stat is 4.7 which means we accept hypothesis and t is positive more than 1.96. It means students should be more aware and utilize resources.
Que 5- Are Planning ahead and proper budgeting crucial to avoiding dependence on credit cards and managing college expenses ?
Result- T-Stat is 13.63 which means we accept hypothesis and t is positive more than 1.96. It means planning ahead and proper budgeting crucial.
References: –
https://scholarshipamerica.org/blog/the-far-reaching-impact-of-the-student-debt-crisis/