Journal of Families and Better Life (가정과삶의질연구)

Korean Home Management Association (가정과삶의질학회)
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Financing Sources for College Education - Demands of Current Incomes, Savings, and Education Loans

대학교육비 지불원천에 관한 분석 - 소득, 저축, 학자금대출의 사용여부와 사용액

  • Cha, Kyung-Wook (Dept. of Family Culture and Consumer Science, Sungshin Women's University) ;
  • Joung, Soon-Hee (Dept. of Consumer Science and Human Development, Ewha Womans University)
  • 차경욱 (성신여자대학교 가족문화.소비자학과) ;
  • 정순희 (이화여자대학교 소비자인간발달학과)
  • Published : 2006.10.31
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Abstract

This study examined how the households used and combined financing sources to pay for college education. It compared the probability of using each source (current incomes, saving, education loans and grants) by households' socio-economic characteristics and analyzed which factors influence the decision to use each source and the amounts from each source for financing college education. Data for this study were from a questionnaire completed by 4-year college students (n=623) and were analyzed by t-tests, ANOVA and Heckman's two-step estimation models. The findings of this study were as follows: First, the most frequent source for college education was parents' savings and the second one was parents' incomes. Also, the most frequent combination of sources was saving and current incomes and the second was combination of three sources, saving, incomes and education loans. Second, the probability of using incomes was higher for younger students than for older students. The number of siblings showed significant differences among income, savings and education loans. Those who had higher incomes were more likely to use current incomes, saving, but less likely to borrow for financing college education. Middle-class income groups were more likely to borrow for education. Third, household incomes and asset holdings had generally positive impacts on the probability of using incomes and savings for college education, while total debt burden decreased both the probability and amounts of income and saving sources. The college costs had significantly positive effects on both the probability and the amounts of all of financing sources. Total grants received significantly decreased the amounts from incomes, savings and borrowing sources.

Keywords

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