Goetz, J. W., Mimura, Y., Desai, M. P., & Cude, B. J. (2008). HOPE or no-HOPE: Merit-based college scholarship status and financial behaviors among college students.Financial Counseling and Planning, 19(1), 12-19.
Brief Description: This study explored differences in financial behavior between college undergraduates who retained the merit-based HOPE Scholarship and those who lost it. Students who initially had scholarships but lost them were less likely to use recommended financial practices and had higher credit card debt and student loan debt balances than those who retained HOPE scholarships and thus appear more financially vulnerable.
Implications: Findings suggest that college students who struggle academically may be more likely to struggle with financial management. There is a need for financial education for this particular student population. Courses and programs designed to teach at-risk college students study skills and time management should also include a financial education component. Student part-time jobs should not take more than 20 hours per week.