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Journal of Student Financial Aid

Journal of Student Financial Aid

Short Title

Student Veteran Borrowing

Abstract

This study examined the relationship between individual and institutional characteristics for student veterans who borrow money while enrolled in degree-seeking programs. Using data from the National Postsecondary Student Aid Study (NPSAS 16), we established predictors of borrowing, implications of borrowing, and examined patterns in total aid awarded to this group of students. The accumulation of grant funding, Department of Defense funds, and Veteran’s Education Benefits (i.e. GI Bill) contribute to lower levels of borrowing for veterans. However, subgroups of student veterans borrow more than non-veterans, e.g. Asian and Hispanic identifying students. Significant predictors of borrowing included attending for-profit institutions, identifying as Black, and identifying as a woman. Along with these findings, we present implications regarding lending practices, campus support for student veterans, and policy considerations for student veteran aid.

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