| Low-income community college students appear to be at higher risk for academic failure when they are financially independent, enroll part time, and/or work more than 20 hours per week. Yet, little is known about how these students make the financial choices that impact their success, especially during a recessionary period. Decision making theories provided a theoretical framework in this 3-phase, quantitative study of the choices to borrow, work or attend part time among financially dependent and independent, low-income college students. A web-based survey was disseminated to 20,535 community college students who received state need grants in 2009--2010 in a western U.S. state; the response rate was 10% (1,907 students). In the asymmetrical log-linear analysis, student dependency status predicted differences in all 3 financing behaviors, with borrowing having the strongest effect. A post hoc analysis only found significantly more working and borrowing among dependent students than would have been expected. The second phase examination of levels of borrowing and working (low, medium, or high) found no significant differences, however. These findings suggested that in a recessionary period, independent students do not find work and need to borrow, and dependent students use all finance options to support expenses. The third phase involved a descriptive analysis of students? rationale for financing choices; results indicated they were working to cover expenses and reduce debt, and were borrowing and attending part time to reduce work hours and allow time for studies or family. These findings may lead to positive social change by guiding state policymakers and campus financial aid offices toward a basis for new financial aid policies and programs to address the financing needs of low income students, including targeting work study or offering limited loans. |
