University Student Descriptions of Their Financial Knowledge of Student Loan Debt

University students and university personnel are important contributors to the economy of the United States regarding excessive student loan debt. As such, a lack of financial literacy is a significant problem. The purpose of this single descriptive qualitative case study was to describe the experiences of certain individual university students about their financial knowledge of their student loan debt. Bandura\u27s social learning theory and Maslow\u27s hierarchy of needs theory was used to analyze the results of this study. The research questions asked how university students describe their experiences regarding student loan debt and their financial acuity, and how do university students’ parents describe their experiences with student loan debt? This study examined students\u27 perceptions and experiences regarding financial literacy and money management related to student loan debt. Data for this study included interviews with 10 borrowers, one college financial counselor, field notes, observations of information available to students on student loans, reviewed reports, and personal journals or diaries on their debt. Open and axial coding revealed five themes: (a) financial skills, (b) budgeting, (c) initial debt, (d) benefits, and (e)challenges. This study could contribute to social change by persuading the implementation of financial literacy training through independent courses or by incorporating lessons into the core curriculum in institutions—similar to this one but using financial knowledge of student loan debt. The study could contribute to financial change by helping university students acknowledge financial challenges; they may alleviate stress and reclaim control of their financial knowledge of student debt and personal lives