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Advances in Social Sciences Research Journal – Vol. 9, No. 2
Publication Date: February 25, 2022
DOI:10.14738/assrj.92.11761. Mbah, R. E. (2022) Theoretical Framework in Student Debt Research: Linking Economic, Finance and Education Theories to Student
Debt Literature. Advances in Social Sciences Research Journal, 9(2). 228-239.
Services for Science and Education – United Kingdom
Theoretical Framework in Student Debt Research: Linking
Economic, Finance and Education Theories to Student Debt
Literature
Ruth Endam Mbah
Department of Business, Bethany College, Lindsborg, KS, USA.
Public Policy Department, Southern University and
A & M College, Baton Rouge, LA, USA
ABSTRACT
There has been a growing interest in student debt research in recent years among
researchers and graduate students. Student loan has become a popular means of
financing the increasing cost of higher education among millennia, thus spurring
the rising interest of researchers in this area. However, the availability of
established theories related to the student debt topic is limited. The purpose of this
study is to add to the limited literature of theories in student debt scholarship. This
study links two economic theories, four finance theories, and two education
theories to student debt literature. The economic theories (human capital theory
and life cycle Model) emphasize the role of student loans in fostering investment in
human capital and its impact on future consumption. This study also examines four
debt repayment models (the debt snowball model, the balance-matching model, the
debt avalanche model, and the debt consolidation model) suggested by various
financial advisors on debt repayments, which postulate four distinct strategies on
how debtors can settle their loans. The education theories (Tinto student departure
model and John Bean’s explanatory theory of student retention model) highlight the
importance of student retention at colleges to ensure college completion, which in
turn increases the chances of getting a job; thus, guaranteeing loan repayment.
These theories will serve as a theoretical framework guide to researchers,
especially graduate students who are working on their thesis or dissertation on the
student loan debt topic.
Keywords: Student Loan Debt, Financial Aid, Higher Education, Federal Student Loans,
Student Debt Theories, Debt Repayment Models
INTRODUCTION: CATEGORIES OF STUDENT LOAN
The rising cost of higher education in the U.S. has massively lured pursuers of college degrees
toward lenders of student loans (Mbah et al., 2020). There exist two principal types of education
loans for students: federal loans and private loans. Private student loans are loans that come
from private lenders like banks, credit unions, state agencies, schools, or other lending
institutions to aid cover college expenditures not covered by grants, scholarships, federal loans,
or other forms of financial aid. Most such loans are given directly to the students, meaning that
they are legally liable to repay the loan (Adams, 2018). The interest rates for private loans are
set by the lenders, and the borrowers’ credit score is taken into consideration. That is, the
lender sets the terms and conditions of the loan (Birken, 2016). Due to the higher interest rates
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Mbah, R. E. (2022) Theoretical Framework in Student Debt Research: Linking Economic, Finance and Education Theories to Student Debt Literature.
Advances in Social Sciences Research Journal, 9(2). 228-239.
URL: http://dx.doi.org/10.14738/assrj.92.11761
than federal loans, students often take these loans as the last resort (Mazzeo, 2007). They are
often marketed as a supplement to Stafford loans. On the other hand, federal student loans
are loans funded by the government to aid students to pay for college expenditures. The terms
and conditions of the loan are fixed by law. Types of federal loans include direct subsidized
loans, direct unsubsidized loans, direct PLUS loans (for graduate students and parents), or
Federal Perkins Loans (Adams, 2018). Table 3.1 shows the differences between private and
federal student loans.
Table I: Difference Between Private and Federal Student Loans
Features Private Student loans Federal Student Loans
Origin They are provided by private lenders like
banks, credit unions, state agencies, or even
schools.
They are provided by the government.
Purpose College expenses directly linked to a school in
addition to some postgraduate costs.
College expenses directly linked to
school’
Terms and
Conditions
The private lender sets the terms and
conditions of the loan.
The terms and conditions are set by law.
Repayment Students are required to repay most private
loans while in school, but some lenders may
allow for deferment.
Federal loans are payable after
graduation, in the event of a school
dropout, or change in enrollment status
lower than half-time.
Interests
Rates
Interest rates could be fixed or variable and
could be lower or higher than the federal
student loan interest contingent on the
borrower’s situation.
Interest rates are always lower than
that of private loans and even lesser
than certain credit card interest. They
are fixed.
Availability of
Subsidies
Private loans are mostly unsubsidized; hence,
the borrower has the liability to pay all the
interest on the loan.
Contingent on the student’s financial
need, the government might pay the
borrower’s interest if such a student is
at least half-time.
Credit History Private loans often require a credit score
check.
Federal loans do not require a credit
history check but for PLUS loans.
Cosigner Required for most private loans for students
who are below the age of 18 and do not meet
the lender’s credit, income, or legal residency
prerequisite.
Most federal loans do not need a co- signer but for PLUS loans.
Tax Benefits The interest might be tax-deductible. The interest may be tax-deductible.
Postponement
of Repayment
The ability to postpone repayment is subject
to the lender as well as the ability to lower
repayments.
Loan repayment can be temporarily
postponed or lowered in cases of
repayment difficulties.
Repayment
Plans
Repayment plans are subject to the private
lender.
There exist various forms of repayment
plans under the federal loan program
which includes even linking your
monthly repayment to your income.
Prepayment
penalties
It is subject to the lender. There are no prepayment penalties.
Loan
Forgiveness
Most private lenders do not offer loan
forgiveness programs, but some state
agencies can forgive some specific student
loans based on the situation.
State workers could be eligible for loan
forgiveness.
Source: Adapted from ‘Federal vs private student loans: Which is better?’ by A. Serio, 2019.
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GAP IN LITERATURE AND PURPOSE OF THIS RESEARCH
Although there has been a growing interest in student debt research, very few researchers have
concentrated on the theoretical framework of student loan debt literature. There is a research
gap in the area of identifying theories that relate to the student loan debt literature. Mbah
(2021a) suggests a link between Kingdon’s three-stream Policy Window Model/Interest Group
Theory and the student debt literature by emphasizing the influence of public policymakers and
interest groups on student loan debt. In addition to her previous publication, Mbah (2021b)
establishes a link between four public policy theories (Social Contract Theory, Utilitarian
Theory, Theory of Neoliberalism, and Three-Policy Stream Theory) and existing student debt
literature. However, she recommends the need for other researchers to expand on possible
economic, finance, and education theories related to student debt literature. This will provide
a vast theoretical pool for future student debt researchers, especially research students. Thus,
the purpose of this study is to establish economic, finance, and education theories that relate to
the student debt literature. As suggested by Mbah (2021b), this will facilitate the theoretical
framework section of dissertations and thesis on student loan debt.
THEORETICAL FRAMEWORK IN STUDENT LOAN DEBT
Figure I: Summary Table of Theoretical Framework in Student Loan Debt
Source: Author’s Presentation Based on Various Theories
Economic Theories
Human Capital Theory
Human capital theory studies the relationships among education, economic growth, and social
well-being (Netcoh, 2016). Education is considered worldwide as the key that permits
individuals and nations to meet swift economic and social changes (Rustiadi, 2015). Higher
education is a vital investment, which individuals can make for themselves and the country
(Executive Office of the President, 2016). Several theoretical analyses have acknowledged that
human capital has a positive and significant impact on economic growth (Diebolt & Hippe,
2019; Jihène, 2013; Pelinescu, 2015; Rustiadi, 2015). It is often regarded as one of the major
factors that influence competitiveness and economic growth (Burgess, 2016; Čadil, Petkovová,
& Blatná, 2014; Diebolt & Hippe, 2019; Elliott & Lewis, 2015).
The theory of human capital can be traced back to Adam Smith in the 18th century, who added
human capital in his definition of capital. Other scholars- including Irving Fisher in 1897, Jacob
STUDENT DEBT THEORIES
FINANCE THEORIES
Ø Debt-snowball
Ø Balance-matching
Ø Debt Avalanche
Ø Debt Consolidation
ECONOMIC THEORIES
Ø Human Capital
Ø Life Cycle
EDUCATION THEORIES
Ø Tinto Student
Departure
Ø John Bean’s
Explanatory Theory
of Student Retention
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Mbah, R. E. (2022) Theoretical Framework in Student Debt Research: Linking Economic, Finance and Education Theories to Student Debt Literature.
Advances in Social Sciences Research Journal, 9(2). 228-239.
URL: http://dx.doi.org/10.14738/assrj.92.11761
Mincer in 1958, Theodore Schultz in 1961, and Gary Becker in 1964- continued the same effort
(Goldin, 2014; Laroche et al., 1999). Jacob Mincer defines human capital as ‘acquired
capabilities which are developed through formal and informal education at school and home,
and through training, experience, and mobility in the labor market’ (Mincer, 1981). According
to Mincer, human capital is essential to ensure sustainable economic development because it is
the foundation of new knowledge, it increases total output, and boosts economic growth
(Mincer, 1981). A wide range of empirical research within the human capital theory suggests
that higher education is linked with elevated individual wages, growth in GDP, and better
welfare (Netcoh, 2016).
Schultz defines human capital as ‘knowledge, skills, and abilities of the people employed in an
organization’ (Chartered Institute of Personnel and Development, 2017). Schultz urges that
governments and private banks ought to provide long-term student loans to correct the
imperfection of the capital market, which provided more funds to physical goods investment
than human capital investment. Like Schultz, Gary S. Becker, winner of the 1992 Nobel Prize in
Economic Science, suggests that investment in a person’s education and training (human
capital) is comparable to business investment in equipment. Human capital is an imperceptible
investment on a human level, like education, which produces financial benefits for the
individual as well as the employer. It augments the worker’s productivity in all assignments
and is the key and vital factor of wealth creation in developed nations (Becker, 1993).
Likewise, in the changeover from the Industrial Revolution to contemporary growth, Galor and
Moav (2004) developed a growth model that apprehended the endogenous replacement of
physical capital accretion by human capital accretion as a key engine of economic growth. In
the advanced phases of the translation to modern growth, as human capital arose as a key
engine of economic growth, equality lessened the opposing impacts of credit constraints on
human capital accretion and inspired the growth process. Fos, Liberman, and Yannelis (2017)
studied the impact of student loans on human capital. These authors suggest that this impact is
essential because it indicates that, the decision of financing human capital- that is,
undergraduate student loan debt- alters personal-level investment choices and the total human
capital that a person can acquire. Their results showed that credit restraints are significant for
the amassment of human capital at the personal level. They speculated that credit restrictions
led to inefficiently small investment in human capital, leading to possible inefficiency. Their
overall outcome suggests that student loan debt discourages investments in human capital. As
such, human capital theory helps policy makers comprehend how policies can be developed to
boost individuals’ investment in their personal education (Netcoh, 2016).
Burgess (2016) suggests that education is crucial for three major policy areas. Foremost, the
stock of skills within a given country is critical for economic growth within a highly competitive
world. Next, a vital determinant of income inequality is the dispersal of human capital. Lastly,
the relationship between an individual’s human capital and their family history is an essential
determinant of social mobility and the perpetuation of disadvantage. The major way in which
public policy can influence human capital is via the provision of access to education, and the
effectiveness of such an educational system affects the skills acquired by citizens (Burgess,
2016).
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Life Cycle Model
According to Rothstein and Rouse (2011), student loan debt has no impact on consumption all
through its life cycle. In the typical life cycle model, youths make optimum education
investment choices if they can finance these investments by borrowing against future incomes.
Student loan debt has just income implications for future decisions. The authors suggest that
“student debt has only an income effect- proportional to the ratio of debt to the present
discounted value of total lifetime earnings on career and other post-college decisions.” This
impact should be minimal because student loan debt comprises a small fragment of an average
graduate’s lifetime earnings. Therefore, college students are considered as rational actors who
calculate the amount of student loan debt they will accrue in finishing a college degree against
their possible lifetime incomes as college graduates (Elliott & Nam, 2013). Withal, Oliver, and
Shapiro (2006) suggest that young adults' earnings are much lower during their first years after
graduation than in their middle age. They can no longer depend on their parents for financial
support. As such, several young adults are forced to depend on credits as a major means to
facilitate their consumption and acquire wealth-building assets like homes. The life-cycle
proposition of student loan debt assumes that there are little or no restraints on credit- that is,
a perfect credit market- and that folks, especially low-income earners, are capable of borrowing
against future incomes to acquire wealth-building assets that need significant financial
investment like houses (Elliott & Nam, 2013)
Finance Theories
The Debt Snowball Theory
The debt Snowball model is the creation of Dave Ramsey, a famous American finance expert
and an author (Amar et al., 2011). This model is also known as ‘Dave Ramsey’s Baby Steps’.
This is a debt reduction model in which the borrower pays off the debt with the smallest amount
first while ensuring that the required minimum balances on the larger debts have been paid off.
That is, after the borrower has paid all the required minimum balances for the larger debts,
he/she uses the left-over debt funds to pay off the debt with the lowest balance (O’shea & Pyles,
2019). This is a strategy for those who have several debts such as student loans, car notes, credit
cards, mortgages, and health/car/life insurances. The proponents of this theory suggest that,
once the debt with the lowest balance has been paid off to zero, then the borrower should
allocate any supplementary fund to other debts (Ramsey, 2009a). The debtor lists his/her debt
starting with the smallest balances. The debtor does not need to bother about the interest rate
of the debts except in a scenario where two debts have the same balance (e.g. car note=$5000
and health insurance=$5000). In this case, the debtor will list the debt with the highest interest
rate first (Ramsey, 2009b). Simply, the amount on the list is determined by the debt balance
owed and not the interest rates on the balances. Ramsey argues that this method gives debtors
an extra push, which is a ‘win’ that encourages further repayment (Amar et al., 2011; Elmblad,
2018; Gathergood et al., 2017). The debt Snowball model has been proven by decision-making
research as a way of managing multiple debts, even when the larger debt balances have higher
interest rates (Amar et al., 2011). Figure 1 portrays the steps in Ramsey’s snowball model.
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Mbah, R. E. (2022) Theoretical Framework in Student Debt Research: Linking Economic, Finance and Education Theories to Student Debt Literature.
Advances in Social Sciences Research Journal, 9(2). 228-239.
URL: http://dx.doi.org/10.14738/assrj.92.11761
high-interest credit cards to a single card with a lesser interest rate. This is called the balance
transfer method of loan consolidation and is widely used by borrowers who are not eligible for
an unsecured loan. Howbeit, these lower interest rates promotions are often for a short
duration (9-12months) and are sometimes raised after the promotions (Fontinelle, 2018;
National Debt Relief, 2012). The alternative approach is to use the secured loan method. This
is mostly used by those with real property. If they have equity in their homes, they can refinance
and use the extra to repay other outstanding loans. Borrowers can alternatively decide to
acquire a home equity line of credit and utilize the loan to consolidate their owing debts.
Borrowers who have real properties as collateral can use them to acquire loans that they are
not eligible for. Nevertheless, this becomes risky in the event of default, as the lender can decide
to foreclose on the property (National Debt Relief, 2012; Ryan, 2011). In the case of a federal
student loan consolidation, when students combine their multiple types of loans into a single
new consolidation loan, an appropriate interest rate is calculated using a weighted average
method based on the then-recent interest rates of the various loans being combined
(Congressional Budget Office, 2010).
Education Theories
Tinto Student Departure Model
Tinto Student Departure Theory is maybe one of the most used and cited theories in higher
education. It was first developed in 1975 by Vincent Tinto and later reviewed in 1993
(Melguizo, 2011, p.396). According to Ashar and Skenes (1993), Vincent Tinto suggests that
both the social and intellectual incorporation of students in an institution’s life are vital for
retention. This model is also known as the Student Integration Model, which implies
collaboration between students and the academic and social structures of their institutions
(Aljohani, 2016). This makes college institutions accountable for their practices and takes
responsibility for the departure process (Melguizo, 2011, p. 400). The more comfortable a
student is at an institution, the lesser the rate of departure before completion and the lesser the
risk of student loan default. Students who are satisfied with their college investment and
experience are less likely to default (Buam & O’Malley, 2003; Sandy & Diane, 1998). Also, the
length of time a student stays in school is positively correlated with loan default (Gross et al.,
2010). Quadlin and Rudel (2015) assessed the correlation between student loan debt and the
foundation of campus life. They found a significant link between student loan debt and the
student’s college lifestyle. The U.S. Department of Education 2017 data accentuates the
significant impact that the student and institutional factors have on default rates (Scott-Clayton,
2018). Likewise, financial stress was found as a major factor that influenced retention because
it increases the probability of dropping out of school (Britt et al., 2017). Nevertheless, the major
limitation of this theory is that it neglects the influence of the outside environment- that is,
external factors (Melguizo, 2011, p. 401).
John Bean’s Explanatory Theory of Student Retention
John Bean’s Explanatory Theory of Student Retention was introduced in 1980 by John Bean
from existing organizational turnover and psychological theories that lead to academic and
social integration (Atif et al., 2013). Bean (1981) uses the organizational turnover theory in
establishing this student retention theory because just like workers, students are ‘members of
an organization who may leave.’ As such, satisfaction is a common variable that can be
influenced by many independent variables. Satisfied workers and students will stay while the
unsatisfied will leave. Unlike Tinto, Bean emphasizes the importance of background factors like
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students’ performances at the high school and ACT scores which often predict the students’
subsequent performance in college. Some environmental variables which may influence
dropout directly which Tinto did not consider in his model include family responsibilities,
marriage, the opportunity of transferring to another school or getting a job, and financial stress
(Atif et al., 2013; Bean, 1981). Evidence from research shows that students with greater family
responsibilities have a higher likelihood of defaulting student loan repayment (Gross et al.,
2010). Britt et al. (2017) affirm that financial stress influences college dropouts, thus leading to
student loan default. According to Atif et al. (2013), Bean’s model also suggests that academic
variables like student grades (GPA) would influence student retention. Research shows that
students with higher GPAs and students who are academically ready for college accumulate less
student loan debt (Harrast, 2014).
CONCLUSION
With the rising interest in student debt research, it is vital to have a variety of established
theories that can facilitate the theoretical framework section of either a dissertation or a thesis
on this topic. This study is an extension of a recent publication of Mbah (2021b) that links public
policy theories to student loan debt literature. Based on her recommendation, this study links
two economic theories, four finance debt repayment theories, and two education theories to
the student debt literature. The economic theories emphasize (1) the importance of higher
education as an investment in human capital which leads to economic benefits and student
loans have become a vital means of funding such an investment; (2) student debt does not have
any impact on consumption but it does have an income effect. The finance theories suggest four
debt repayment models that students can choose from in settling their debts as they fall due.
These debt repayment models include (i) the debt snowball model by Dave Ramsey which
requires the borrower to pay off debts beginning from the smallest debt balance after haven
paid all the minimum balances on the larger debts; (ii) the balance-matching model highlights
the importance of matching payments based on account balances than on interest rates; (iii)
the debt avalanche model accentuates the importance of interest rates in determining which
debt to pay first and it suggests that borrowers should pay off debts with higher interest rates
first after haven paid the minimum balances on the debts with lower interest rates; (iv) the debt
consolidation model allows debtors to combine all of their outstanding debts into a single new
debt leading to one interest rate and one monthly payment. Lastly, the education theories, both
stress the role of student retention in ensuring college completion, thus, leading to a higher
probability of securing a job and paying off student debt. Nevertheless, this study is limited to
eight theories that can be used by student researchers in their theoretical framework on
student debt research. More theories should be proposed to ensure a vast pool of theoretical
resources to ease research in this field of research.
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Advances in Social Sciences Research Journal, 9(2). 228-239.
URL: http://dx.doi.org/10.14738/assrj.92.11761
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