Student Loans And Financial Stress: Coping Mechanisms And Solutions – Mapping Knowledge and Training Needs in Teachers Working with Students with Autism Spectrum Disorders: A Comparative Investigation

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Student Loans And Financial Stress: Coping Mechanisms And Solutions

Student Loans And Financial Stress: Coping Mechanisms And Solutions

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Financial concerns among international students in higher education: A comparative analysis between international students in the United States and China

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By Frank Okai Larbi Frank Okai Larbi Scilit Google Scholar 1 , Zaoming Ma Zaoming Ma Scilit Google Scholar 2 , Zheng Fang Zheng Fang Scilit Google Scholar 1 , Florina Oana Virlanuta Florina Oanarglit Google Scholar 3, * , Nicoleta Bărbuță-Mișu Nicoleta Bărbuță-Mișu Scilit Google Scholar 4 and Görkem Deniz Görkem Deniz Scilit Google Scholar 5

Department of Business Administration, Faculty of Economics and Business Administration, Dunarea de Jos University of Galati, 800008 Galati, Romania

Received: 27 January 2022 / Revised: 27 February 2022 / Accepted: 15 March 2022 / Published: 22 March 2022

Student Loans And Financial Stress: Coping Mechanisms And Solutions

Financial anxiety is one of the most stressful factors, making academic activities and student performance unstable. This study investigated financial anxiety among international students in higher education institutions by comparing students in the United States and mainland China. The study used a random order probit model using a sample size of 3953 international students during the academic year 2017-2019. The findings show that the rate of financial anxiety among international students in the United States is very low, while international students in China experience significant financial anxiety. In addition, the robustness check using negative effects in probit shows a positive life satisfaction on financial behavior after the study period in the United States, while a negative life satisfaction on financial behavior exists in mainland China. However, the study raised important recommendations to help resolve this phenomenon and To strengthen the relationship between foreign students and administrators of higher education institutions of both countries.

How Financial Stress Is Impacting Young People’s Mental Health

The increasing participation of foreign students in international higher education in the past decade has drawn attention to the well-being of students and the impact of financial pressure on them. A recent national survey shows that college students’ finances are one of the causes of stress [1]. For example, most Americans experience the number one source of anxiety, which includes money, followed by work and the economy [2]. Again, personal financial difficulties are worth exploring in detail, given the challenges international students face with regard to the increased burden of academic finance. A recent report from a nonprofit financial education advocate found that four out of five top stressors among college students are related to issues related to personal finances [3]. In addition, higher education institutions at all levels are facing special challenges now; namely, demographic changes, the cost of providing higher education, and limited funding sources [4]. It is well established that effective decision-making is related to both financial ability and the level of financial concern [5]. On the other hand, this indicates that those who experience financial stress have difficulty making decisions [6].

Anxiety has increased steadily in recent years for college students [7]. For example, in a multi-site study, approximately 7 out of 10 college students experience financial stress [8]. In addition, other studies indicate that women are more likely to report financial stress than men [9]. Financial stress has been linked to reduced course load or dropout and poor academic performance [10, 11]. Reference [12] explored the financial characteristics of university students that affect their academic success. Therefore, students rely heavily on financial resources for better education [13].

Importantly, it is important to recognize that stress and anxiety are common among students at all levels of education. Fortunately, financial aid such as scholarships, grants, and other cost reduction measures help many students break out of the cycle of poverty and get their degree. This study explores the financial behavior and academic life satisfaction of international students in the United States and Mainland China, and further provides insight into financial pressures in higher education institutions in the aforementioned countries. Moreover, this study can be a source of information for stakeholders in the industry, and importantly, add to the existing literature on the subject. In particular, it provides more empirical evidence on how international students in China face financial concerns; Therefore, it can guide policy makers and higher education institutions in China to implement intervention programs to reduce the impact of financial worries on foreign students. The study addressed the research question of whether there is financial concern among international students in higher education, and how this has a significant impact on their academic performance. Due to the important development stage of students’ financial stress, we opened the way to a more detailed analysis of the topic based on the use of Roy’s adaptation model [14] in explaining financial concerns among international students in higher education institutions.

Financial worries are an important concern because of the negative outcomes associated with increased risk of stress. Financial worries among students are often chronic. There is a direct link between mental health and financial health [15]; Similarly, research has identified a link between financial difficulties and health problems such as anxiety and depression [16, 17, 18]. Therefore, it is useful to adopt a health-related model in examining how college students deal with financial stress in higher education institutions. Reference [19] suggests that financial stress is not being able to meet one’s financial obligations but can also include psychological or emotional effects. Similar findings reported by [5] fit the physiological behavior of individuals, while [20] explained that high levels of anxiety can lead to forms of learning despair. This shows the unpleasant feeling that people cannot meet their financial needs, provide the necessities of life, and have enough money to complete [21]. In addition, Ref. [22] defined the concept as the process by which someone has a negative attitude towards thinking about, participating in, or managing their financial situation effectively. In a nutshell, financial anxiety is worry or stress surrounding personal finances or money. Experts recognize that this phenomenon can have a profound negative impact on the health and well-being of individuals [23, 24].

Tips To Reduce Financial Stress In Your Life

According to [25], financial concerns affect the mind and body of students, which ultimately leads to counseling and medical treatment. Financial worries can have a significant impact on a student’s health. The expected consequences of stress include the following: in the body, those affected have health problems such as headaches, muscle pain/tension, fatigue, sleep problems, chest pain, stomach pain, and changes in sex, etc.; While in the behavioral background, students experience restlessness, lack of motivation (focus), irritability/anger, depression, drug or alcohol use, social withdrawal, fear, and panic. Overall, the common development of financial anxiety includes insomnia, mood swings, fatigue, loss of appetite, and withdrawal from others [26].

Traditionally, college students are uniquely vulnerable to stress and anxiety, but managing these experiences can make a world of difference. The main causes of financial anxiety for students include not being able to meet tuition fees or loans or the desire to go to school, because the lack of sufficient funds leads to financial anxiety and stress.

Funding education through grants and financial support from governments around the world is widely recognized to ensure access to quality education. A study by Ohio State University shows the initial funding of higher education. According to the study, about 36% of students receive financial support from loans, 35% receive support from scholarships, 19% receive support from their families, 4% of students receive financial support from the jobs that they include, 3% as savings,. and another 3% by other support systems [12]. Primarily, these numbers show the extent to which students receive support from various sources in their pursuit of higher education. Globally, this helps to eliminate or reduce the gap between low-income countries (students) and high-income countries (students) all have access to the same quality teaching.

Student Loans And Financial Stress: Coping Mechanisms And Solutions

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