The Financial Consequences of Incomplete Higher Education Among Student Loan Borrowers

Fan Liu

International Journal of Economics and Finance, 2025, vol. 17, issue 8, 16

Abstract: This study examines the financial implications of incomplete higher education among student loan borrowers, with particular attention to disparities across racial and gender lines. Using data from the 2023 Survey of Household Economics and Decisionmaking (SHED), we investigate the associations between degree non-completion and key financial outcomes. Our findings reveal that student loan borrowers who fail to complete their degrees are significantly disadvantaged regarding wealth building and financial confidence. These negative impacts are more significant among Black and male borrowers. This research emphasizes the importance of policy interventions to support degree completion and mitigate the financial harm of non-completion for student loan borrowers.

Date: 2025
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