Berman [2] and Nova [5] have identified several U.S. policy makers (all of whom were recent presidential candidates) such as Sen. Warren (MA) and Rep. Salwell (CA) that have recently campaigned by publicizing the fiscal ideologies of “Student Loan Forgiveness;” “Tuition-Free/Reduced” [i.e., Sen. Sanders – (VT) & Rep. Gabbard (HI)]; or “Interest Reduction” [Gov. Hickenlooper (CO) & Sen. Gillabrand (NY)] as an acceptable solution for repayment of publicly loaned funds. This position has, however, ignored the underlying principle and responsibility that governs “loans.” A Student Loan, similar to an “auto” or a “home” loan, is considered “debt” [4] and is expected to be returned (with compounding interest). Concurrently, evidence suggests that student loans are frequently being used inappropriately by large percentages of recipients on items such as alcohol, illegal drugs, jewelry/clothing, Spring break vacations, tattoos, etc. with minimal oversight or accountability [1]. In addition to student loan dispositions, it has been discovered that current American college students are less prepared to financially contribute to future funding such as Health Accounts, IRA/401, etc. Making responsible credit decisions in comparison with their predecessors [3] also is in decline. Simultaneously, today’s college student is besieged with a social culture that ignores responsible financial behavior (i.e., Credit Card television commercials, Internet Loan ads, etc.). Current policies seem to have sacrificed fiscal education and replaced it with social or behavioral mandatory requirements. This presentation is intended to address the overlooked statistics on irresponsible spending by the present-day college student and then propose a more introspective and critical question: Are current college students being academically inducted into a disposition of fiscal responsibility? Further, would it stand to reason, that along with curricular ideologies such as “Social Responsibility,” could college students be taught and held accountable to “Fiscal Responsibility” and achieve financial independence [6]?

Author: Brett J. Holt

Published in: Ireland International Conference on Education (IICE-2022)

  • Date of Conference: 18-20 October 2022
  • DOI: 10.20533/IICE.2022.10.0003
  • ISBN: 978-1-913572-47-1
  • Conference Location: Virtual (Dún Laoghaire, Ireland)