Why Are University Students Borrowing Too Much in Student Loans?: A Questionnaire Survey

To explore why university students borrow significant amounts of money in student loans, we conducted a questionnaire survey including questions that assume a hypothetical situation in which a subject needs to borrow money for his/her school expenses. Our main findings are twofold. First, the subjec...

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Bibliographic Details
Published inJournal of Behavioral Economics and Finance Vol. 13; pp. 1 - 15
Main Authors Motegi, Keiji, Suzuki, Takumi, Nozawa, Tomoyo, Nakamura, Toshiki
Format Journal Article
LanguageJapanese
Published Association of Behavioral Economics and Finance 2020
行動経済学会
Subjects
excessive loan
extremeness aversion
framing effect
questionnaire survey
student loans
フレーミング効果
奨学金
極端回避性
質問紙調査
過剰受給
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ISSN2185-3568
DOI10.11167/jbef.13.1

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Summary:To explore why university students borrow significant amounts of money in student loans, we conducted a questionnaire survey including questions that assume a hypothetical situation in which a subject needs to borrow money for his/her school expenses. Our main findings are twofold. First, the subjects who chose to take out student loans underestimated their future risk of personal bankruptcy. Second, the amount of money that subjects chose to borrow depended on the form of the application documents. For example, when the form asked for an annual amount, they borrowed significantly less than when the form asked for a monthly amount.
ISSN:2185-3568
DOI:10.11167/jbef.13.1