Factors Associated with Rural High School Students’ Financial Plans for Meeting Their College Costs

This study aims to explore what financial plans rural high school students have for meeting their college costs, and which characteristics of rural students are associated with their different types of financial plans to pay for their education. Data were drawn from the Rural Adolescent Plans study, a longitudinal survey of 5th-12th grade students in northeast Vermont. We found that students who were academically competent were more likely to expect to win scholarships/awards and apply for government and school loans. Students who experienced financial strain were less likely to apply for government and school loans. Among students whose parents did not have a college degree, older students were less likely to plan to work while in college and receive money from parents. Those living in two-parent families were likely to plan to work; and students who had a concrete decision for college were more likely to plan to win scholarships/awards. Meanwhile, among students with college educated parents, the belief that it is important to escape from their rural area was significantly associated with plans to receive money from parents. Possible benefits and drawbacks of each type of financial plan are discussed, which can contribute to the development and evaluation of college financial education programs for socially, economically, culturally, and geographically disadvantaged students.