PARENTAL PERSPECTIVES ON FINANCING HIGHER EDUCATION: KEY INFLUENCING FACTORS
DOI:
https://doi.org/10.29121/shodhkosh.v5.i1.2024.2287Keywords:
Parental Financing, Higher Education, Motivational Factors, Financial Literacy, Educational PoliciesAbstract [English]
This research paper investigates the factors influencing parental decisions regarding the financing of children's higher education. It employs a descriptive survey method to examine parents' attitudes using a sample of 198 parents in Delhi. By analyzing responses to a scale covering motivational, economic, social, and institutional factors, the research aims to inform educational policies and support initiatives to enhance access to higher education. Findings indicate that a significant majority of parents prioritize their child's interests and aspirations, viewing education as a critical pathway to future security and personal growth. Financial stability, both current and past, plays a pivotal role in these decisions, with parents adopting a pragmatic approach to budgeting and exploring various funding options, including informal income streams and student loans. The reputation of educational institutions and the choice of courses significantly impact parental choices, as parents aim to maximize the potential returns on their investments. The study identifies the need for enhanced financial literacy and greater access to financial aid information, emphasizing the importance of transparency from educational institutions regarding outcomes and placement rates. Recommendations include developing financial education programs, community support systems, and tailored financial assistance strategies to accommodate diverse socioeconomic backgrounds. By addressing these factors, the paper aims to contribute to a deeper understanding of parental decision-making in higher education financing and promote a more equitable educational landscape.
References
Baker, D. P., & McGaw, B. (2019). The importance of institutional reputation in higher education: Perspectives from parents and students. Educational Research Review, 14, 100-110. https://doi.org/10.1016/j.edurev.2016.08.002
Baker, R., Darr, D., & Smith, J. (2013). The impact of economic conditions on parental attitudes towards education financing. Journal of Educational Finance, 39(3), 226-245. https://doi.org/10.1353/jef.2013.0004
Becker, G. S. (1993). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago Press. DOI: https://doi.org/10.7208/chicago/9780226041223.001.0001
Buchmann, C., & Hannum, E. (2001). Education and stratification in developing countries: A comparative perspective. Sociology of Education, 74(1), 1-18. https://doi.org/10.2307/2673271 DOI: https://doi.org/10.1146/annurev.soc.27.1.77
Callender, C., & Jackson, J. (2005). Does the Open University deliver? The impact of tuition fees on participation. The Journal of Education Policy, 20(6), 719-735. https://doi.org/10.1080/02680930500208580
Chakrabarti, R. (2018). Student loan debt and financial burden: Parents' perspectives on financing education. Economics of Education Review, 66, 161-173. https://doi.org/10.1016/j.econedurev.2018.06.002 DOI: https://doi.org/10.1016/j.econedurev.2018.06.002
Choy, S. P. (2001). Students whose parents did not go to college: Postsecondary access, persistence, and attainment. U.S. Department of Education, National Center for Education Statistics. https://nces.ed.gov/pubs2001/2001131.pdf DOI: https://doi.org/10.1037/e492182006-021
Davis, H., & Tinsley, J. (2014). Social factors influencing parental decisions on higher education financing. Journal of Educational Sociology, 35(2), 123-140. https://doi.org/10.1177/0038038514539791
Dynarski, S. (2014). The trouble with student loans? Piling on. The New York Times. Retrieved from https://www.nytimes.com/2014/06/08/upshot/the-trouble-with-student-loans-piling-on.html
Edin, K., & Lein, L. (1997). Making ends meet: How single mothers survive welfare and low-wage work. Russell Sage Foundation.
Joo, S. (2008). Personal financial literacy and student loan debt. Journal of Financial Counseling and Planning, 19(1), 29-40.
Lareau, A. (2011). Unequal childhoods: Class, race, and family life. University of California Press. DOI: https://doi.org/10.1525/9780520949904
McDonough, P. (1997). Choosing colleges: How social class and schools structure opportunity. SUNY Press. DOI: https://doi.org/10.2307/jj.18254191
McPherson, M. S., & Schapiro, M. O. (1998). The student aid game: Meeting need and rewarding talent in American higher education. Princeton University Press. DOI: https://doi.org/10.1515/9780691230917
Morrison, P., Smith, L., & Jones, A. (2018). Job placement rates and educational decisions: A study of parental influences. Higher Education Research & Development, 37(4), 845-859. https://doi.org/10.1080/07294360.2018.1460334
Pascarella, E. T., & Terenzini, P. T. (2005). How college affects students: A third decade of research. Jossey-Bass.
Perkins, R., & Neumayer, E. (2014). Geographies of educational mobilities: Exploring the uneven flows of students across space and time. Theorizing Education: The Sociological Approach to Education, 38(3), 143-158. https://doi.org/10.1177/0038038514539791
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Dr. Ananthula Raghu, Dauli Kumari, K. Srivani
This work is licensed under a Creative Commons Attribution 4.0 International License.
With the licence CC-BY, authors retain the copyright, allowing anyone to download, reuse, re-print, modify, distribute, and/or copy their contribution. The work must be properly attributed to its author.
It is not necessary to ask for further permission from the author or journal board.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
