Financial Literacy

CALIFORNIA LUTHERAN UNIVERSITY
Graduate School of Education
Building Bridges Between Transfer Students and

Financial Aid Awareness
A dissertation submitted in partial satisfaction of the requirements

for the degree of Doctor of Education in Higher Education Leadership
by
Brenda G. Curiel
May 2022
© Copyright 2022 by Brenda G. Curiel
All Rights Reserved
Graduate Studies
at
California Lutheran University
Upon the recommendations of the dissertation committee, this

dissertation by Brenda Curiel is hereby accepted in partial
fulfillment of the requirements for the degree of
Doctor of Education
Edlyn Peña, Ph.D., Committee Chair
Nancy Pément
Nancy Pément, Ed.D.
Lupe Navarro-Garcia, Ed.D.
05/10/2022
Date
Abstract of the Dissertation
Building Bridges Between Transfer Students and Financial Aid Awareness
By
Brenda G. Curiel
Doctor of Education in Educational Leadership

Graduate School of Education
California Lutheran University, 2022
Edlyn Peña, Ph.D., Chair
Despite the U.S. having one of the highest college access and participation rates
in the world, equity gaps exist that impact access and success for first-generation,
low-income, underrepresented students in higher education (Cahalan et al., 2020).
The goal of going to college is often imperiled for first-generation, low-income,
transfer students due to financial challenges and a lack of financial literacy. In
other words, financial obstacles often interfere with students’ persistence and
successful matriculation to four-year higher education institutions (Broun et al.,
2014). This study was guided by a narrative inquiry methodology to explore the
perceptions and experiences of first-generation, low-income, transfer students
with their financial aid awareness and financial literacy. More specifically, this
study explored the impact the Summer Transfer Transition program had on 11
Educational Opportunity Program (EOP) participants’ comprehension of financial

aid awareness, financial literacy, and willingness to seek financial support
services at the college they attended. This research incorporated a social justice
framework (Bell, 2016) and the theoretical framework of Bandura’s (1989) social
cognitive theory. The data analysis revealed the following major themes:
experiences that influenced financial awareness, the challenges surrounding
financial literacy, navigating higher education financial aid systems, and
recommendations to increase financial awareness and financial literacy. The
findings of this study brought to the forefront various implications for higher
education institutional practices and policies as it pertains to financial education
and financial literacy across higher education institutions.
Keywords: first-generation students, financial aid, financial literacy, social justice

Dedication
I would like to dedicate this work to my family. Thank you to my mother, Maria,
who paved the way for my siblings and me to pursue educational opportunities in
the U.S. As the daughter of Mexican immigrants, my mother taught me the value
of hard work. I also learned to never give up when faced with adversity and to
keep moving forward.
Gracias Madre por su apoyo incondicional, por sus enseñanzas, y por sus consejos
de nunca dejar de luchar.
To my siblings, Filiberto, Juan Carlos, and Evelyn, your belief in me and your
encouragement as a first-generation college student were critical to my success.
To my partner, Arturo, thank you for your love, laughter, and endless support.
Acknowledgments
I would like to acknowledge my dissertation committee, Dr. Edlyn Peña,
Dr. Nancy-Jean Pément, and Dr. Lupe Navarro-Garcia for their endless support,
encouragement, and wisdom. Thank you for always encouraging me to continue
pursuing this wonderful goal of obtaining a doctoral degree.
I would also like to take this opportunity to acknowledge and thank all of
the professors in the CLU Graduate School of Education program, my classmates
in the doctoral program, as well as Dr. Henri Mondschein. Being on this
wonderful and rigorous higher education journey in the doctoral program would
not have been possible without the collective support and motivation of my
classmates.
I would also like to acknowledge the participants in my study, for their
time, energy, and for trusting in me to share their life experiences.
Finally, I would like to acknowledge the Educational Opportunity
Program and the staff in the department for their uplifting and heartfelt
encouragement throughout my doctoral journey.

viii
Table of Contents
Abstract of the Dissertation ................................................................................... iv

Dedication .............................................................................................................. vi
Acknowledgements ............................................................................................... vii
Chapter 1. Introduction ............................................................................................1

Background of the problem .................................................................................3
First-Generation Transfer Experience ............................................................3
Higher Education Financial Cost ...................................................................5
Statement of the Problem ....................................................................................7
Purpose of the Study .........................................................................................14
Significance of the Study ..................................................................................17
Definition of Terms ...........................................................................................19
Conclusion ........................................................................................................23
Chapter 2. Literature Review .................................................................................25

Social Justice Framework .................................................................................27
Bandura’s Social Cognitive Theory ..................................................................36
Financial Literacy..............................................................................................42
Defining Financial Literacy..........................................................................43
Financial Literacy Among College Students ...............................................43
First-Generation, Low-Income Transfer Students .......................................53
Financial Aid in Higher Education ...................................................................57
Impact of Financial Aid................................................................................60
Lack of Resources and Employment .......................................................61
Insufficient Financial Aid ........................................................................62
Student Loans and Debt...........................................................................65
Financial Education Initiatives .....................................................................69
Conclusion ........................................................................................................75
Chapter 3. Methodology ........................................................................................77

Epistemological Perspective .............................................................................78
Research Design ................................................................................................81
Research Population and Sample ......................................................................83
Setting ...............................................................................................................84
ix
Data Collection..................................................................................................85
Recruitment of Participants ..........................................................................85
Semi-structured Interviews ..........................................................................86
Data Analysis ....................................................................................................88
Role of the Researcher ......................................................................................92
Bias ...............................................................................................................95
Trustworthiness .................................................................................................96
Ethical Considerations ......................................................................................97
Limitations of the Study ....................................................................................98
Conclusion ........................................................................................................99
Chapter 4. Findings ..............................................................................................100

Participant Profiles ..........................................................................................101
Individual Profiles ......................................................................................102
Data Analysis Process .....................................................................................110
Theme One: Experiences that Influenced Financial Awareness .....................111
Family/Cultural Experiences ......................................................................115
Impact of STTP Involvement .....................................................................117
Theme Two: Challenges Surrounding Financial Literacy ..............................121
The Nuances of Financial Aid Applications ..............................................125
STTP Impact on Financial Literacy ...........................................................128
Theme Three: Navigating Higher Education Financial Aid Systems .............130
Building EOP Connections ........................................................................134
Acquiring Knowledge of Financial Aid Systems .......................................138
Theme Four: Recommendations to Increase Financial Awareness and
Financial Literacy............................................................................................141
Theme Five: Impact of the COVID-19 Pandemic on Students’ Higher
Education Experience......................................................................................148
Conclusion ......................................................................................................152
Chapter 5. Discussion ..........................................................................................153

Discussion of Findings ....................................................................................155
Theme One: Experiences that Influenced Financial Awareness ................155
Theme Two: Challenges Surrounding Financial Literacy .........................159
Theme Three: Navigating Higher Education Financial Aid Systems ........163
Financial Literacy .......................................................................................167
Limitations ......................................................................................................171
Implications .....................................................................................................174
x
1. Embedding Financial Awareness and Financial Literacy in Summer

Bridge Program ..........................................................................................174
2. Providing and Expanding Financial Literacy Efforts .............................176
3. Integrating a Social Capital Framework.................................................177
4. Expanding Financial Aid Grant Resources ............................................179
Areas for Future Research ...............................................................................180
Conclusion ......................................................................................................183
References .......................................................................................................186
Appendix A. Email Invitation for Participation ..............................................213
Appendix B. Interview Protocol .....................................................................214
Appendix C. Flyer Sent to EOP Department for Recruitment of

Participants ......................................................................................................218
BUILDING BRIDGES BETWEEN TRANSFER STUDENTS 1
Chapter 1
Introduction
Community colleges are an important avenue for developing educated and
skilled contributors essential to the U.S. economic and societal growth (Smith &
Miller, 2009). Moreover, this process includes transitioning students from
community colleges to four-year institutions. Institutions of higher education are
important for society and economic growth, developing educated people, and
skilled contributors are essential to this country’s well-being (U.S. Financial
Literacy and Education Commission, 2019). Along with offering opportunities for
personal and professional growth, better pay, and employment, higher education
institutions also play an important role in preparing students to l contribute to the
U.S. economy (U.S. Financial Literacy and Education Commission, 2019).
In February 2009, President Barack Obama announced his higher
educational goal which stated that 60% of 25 to 34-year-olds would complete at
least an associate degree by 2020 (Fry, 2017). The Pell Institute for the Study of
Opportunity in Higher Education (2009) emphasized that “the Obama
administration’s goal that all Americans complete high school and at least one
year of postsecondary education has placed community colleges at the forefront
of the policy agenda in higher education” (Smith & Miller, 2009). In March 2009,
41% of 25 to 34-year-olds completed an associate degree; by March 2016, 48% of

community college students had done so (Fry, 2017). While there has been some
progress toward President Obama's goal, there is still progress needed with regard
to reaching the ultimate objective.
Despite the U.S. having one of the highest college access and participation
rates in the world, equity gaps exist that impact access and success for first-
generation, low-income, underrepresented students in higher education (Cahalan
et al., 2020). First-generation students are the first in their families to go to
college and have parents or guardians who did not attend college or hold a college
degree (Engle et al., 2006). For many first-generation college students,
community colleges represent a viable opportunity to reach for their American
dream of one day transferring and graduating from a four-year higher education
institution.
However, that goal is imperiled for first-generation, low-income, transfer
students due to financial challenges and a lack of financial literacy. Dan Broun et
al. (2014) observed that while academic issues may negatively affect community
college students, financial obstacles often interfere with students’ persistence and
successful matriculation to four-year higher education institutions. Gaining an
understanding of what financial resources are available on university campuses is
critical for the success of first-generation, low-income, transfer students. As noted
by Kezar and Yang (2010), it is the responsibility of higher education
communities to take a more proactive approach to develop financial literacy. The
President’s Advisory Council on Financial Literacy (2008) defines financial
literacy as “...the ability to use knowledge and skills to manage financial

resources effectively for a lifetime of financial wellbeing” (p. 4). Kezar and Yang
(2010) argue that “financial literacy, as a life skill, as a requisite to citizenship,
and as a critical intellectual competency, is an essential component of a college
degree.”
To gather further insight into this problem, this study will explore the
financial literacy experiences of first-generation, low-income, transfer students. In
this introductory chapter, I will: 1) identify the background of the problem 2)
introduce the statement of the problem, 3) highlight the purpose of the study and
outline the research questions, 4) demonstrate the significance of the study, 5)
define key terms, and 6) outline a roadmap for the next chapters.
Background of the Problem
First-Generation Transfer Experience
For purposes of this research study, transfer students are identified as
students who transition from a two-year institution to a four-year institution with
or without receiving an associate degree or certificate from their home institution
to earn a bachelor's degree (Kienzl et al., 2012; Shapiro et al., 2017). First,
students who attend two-year community colleges tend to be more racially,
ethnically, and socioeconomically diverse than students who go straight from high
school to four-year institutions. Moreover, community colleges also have a higher
percentage of diverse students that include non-traditional, underrepresented,
older (age 24 years and above), student parents, and those who come from low-
income households (Laanan, 2007).

Research shows that first-generation, low-income students who start their
studies at a two-year community college are even less likely to transfer to a
university and obtain a bachelor's degree (Engle & Tinto, 2008; Shapiro et al.,
2017). Cataldi et al. (2018) analyzed data from a sample of 17,000 students who
entered public/private four-year and public two-year colleges in the year 2003-04,
findings showed that within 6 years of entering college, 49% of first-generation
college students that were enrolled at public two-year colleges earned a credential
or were still enrolled in college. The percentage of students enrolled at public
two-year colleges was higher for continuing-generation students. Also, 57% of
parents of these students completed some college while 60% had completed a
bachelor's degree (Cataldi et al., 2018). Shapiro et al. (2017) stated that 42% of all
students who transferred to a four-year institution earned a bachelor’s degree
within six years of starting their academic journey at a community college. After
disaggregating the data further, equity gaps appear among first-generation, low-
income transfer students.
In addition to the challenges that first-generation college students
experience, students who come from low-income backgrounds also encounter
barriers to transfer. In this study, low-income is defined as students who are
Federal Pell Grant recipients at a higher education institution or whose income is
at or below $50,000 (Cahalan et al., 2019). According to the National Student
Clearinghouse Research Center (2020), low-income students that enrolled in
postsecondary institutions at a two-year college in Fall 2013, were less than half
as likely as their higher-income peers to transfer to a four-year higher education

institution (24% vs. 40%). The achievement gap widens as students attempt to
earn a bachelor’s degree. Of those students who transferred, lower-income
students were less likely to obtain a bachelor’s degree within six years than their
higher-income peers (10% vs. 21%) (National Student Clearinghouse Research
Center, 2020).
It is important to take into consideration transfer rates among low-income
students as many first-generation students come from families with income levels
of $50,000 or less (Redford & Hoyer, 2017). The longitudinal study by Redford
and Hoyer (2017), followed high school sophomore students from 2002 through
2012 and found that 27% of first-generation students were from households with
an income of $20,000 or less and 50% of first-generation students were from
households with income ranging from $20,001 to $50,000. These data points
highlight the disparity and inequity that continues to persist among first-
generation, low-income college students who have goals of one day transferring
and graduating from a four-year university.
Higher Education Financial Cost
For many first-generation, low-income, transfer students, attending a
community college provides an opportunity to start their higher education journey
at a lower cost than going directly to a university (Advisory Committee on
Student Financial Assistance [ACSFA] 2008; Townsend & Wilson, 2006). For
example, the average annual cost of tuition and fees at public four-year higher
education institutions in the U.S. in the 2018-19 academic year was $14,512
(Institute for College Access & Success, 2021) as opposed to $3,700 at public
two-year institutions (Hussar et al., 2020).
As students transition from two-year community colleges to four-year
universities, they may experience sticker shock at the price difference, creating
feelings of anxiety and financial concerns (Gard et al., 2012). Along with
financial concerns, many first-generation transfer students lack financial literacy,
which will impact their transition to a university, their persistence, and graduation
(Gard et al., 2012; Smith & Miller, 2009). Students who graduate with loan debt
will be impacted adversely by the lack of financial literacy as they will not have
sufficient financial knowledge to make informed decisions about loan repayment
options, money that will support their life goals as it pertains to financial security,
and independence (Bureau of Consumer Financial Protection, 2019).
The Coalition of Higher Education Assistance Organizations (COHEAO)
Financial Literacy Task Force stated that “the need for financial literacy education
on college campuses is of paramount importance to the future financial health and
stability of today’s young adults” (Alban et al., 2014). It is critical for universities
to provide support services and opportunities for students to learn about financial
literacy and encourage students to utilize resources on campus such as connecting
with financial aid administrators to gain an understanding of their financial aid
and provide opportunities for students to learn how to manage their money.
Providing pathways of support and access to higher education for first-generation,
low-income, transfer students is important to the future of students and the U.S.
economy. A large component of student success once they transfer to a four-year

institution is financial knowledge and increased awareness of financial literacy
tools.
With an increase in first-generation Pell Grant recipients who have the
highest amount of financial need across higher education institutions, there is also
an increase in loans and student debt (Lin et al., 2019). From 2009 to 2018 student
loan debt has almost doubled to over $1.3 trillion (Annabi et al., 2018). For first-
generation, low-income students, taking out loans becomes a necessity to pay for
college which will result in more students graduating with student debt (Fry et al.,
2014). As of 2012, 77% of college graduates from low-income families incurred
debt, as compared to 50% of their peers who come from more affluent families
(Fry et al., 2014). The vicious cycle of lacking financial aid, and not having
adequate financial awareness and knowledge of financial systems among first-
generation, low-income, transfer students at higher education institutions have a
detrimental effect on their personal lives, higher education institutions, and across
various sectors of society.
Statement of the Problem
When college students step onto a university campus, they may ask
themselves a multitude of questions, including: What does my financial aid award
letter mean? How much financial aid should I accept? Should I take out loans?
How am I going to pay for all my college expenses? (Yang & Kezar, 2009).
These questions came to the forefront for thousands of college students enrolled
in higher education institutions in Spring 2020 after the coronavirus (COVID-19)
pandemic impacted American higher education (Goldrick-Rab et al., 2020). The

COVID-19 pandemic exacerbated the impact of basic needs insecurity and
financial hardship that led to academic challenges on college campuses (Goldrick-
Rab et al., 2020). The Hope Center conducted a #RealCollege survey across the
nation that included more than 38,000 students from two-year and four-year
colleges during the pandemic in April 2020 and the results of the survey indicated
that approximately three in five students were impacted by basic needs insecurity
(Goldrick-Rab et al., 2020).
The most recent information provided by The Hope Center brings to light
the much needed basic needs and financial assistance for college students, of
which Black and Indigenous students have been impacted at higher rates with
71% of Black students and 74% of Indigenous students experiencing basic needs
insecurity (Goldrick-Rab et al., 2020). At two-year higher education institutions,
44% of students experienced food insecurity, 11% experienced homelessness, and
58% noted experiencing basic needs insecurity (Goldrick-Rab et al., 2020). Based
on the recent data provided by the Hope Center #RealCollege survey, addressing
college financial support efforts is of the utmost and critical importance to ensure
that first-generation, low-income, transfer students have access to food, housing,
and financial support services on their college campus.
First-generation, low-income, transfer students often have small networks
of family members and peers who have successfully matriculated through college.
As such, they may be unfamiliar with important processes associated with
persistence and retention, including financial aid. First-generation, low-income,
transfer students who may be unfamiliar with navigating financial systems at their
home institution will be impacted negatively by the stringent financial aid
application deadlines, may apply late for financial aid due to lack of financial
knowledge, and as a result, receive less funding to pay for their educational
expenses (Miller 2013). When faced with insufficient financial aid, students will
work more hours to pay for their college costs, all of which will take time away
from their academics and impact drastically their goal of graduating from a four-
year institution. The financial challenges students face are amplified by the fact
that many of them lack the financial knowledge to make sound financial decisions
(Dan Broun et al., 2014). This topic requires attention as low-income students of
color borrow higher amounts of student loans and are more likely to drop out of
college with debt (Baker et al., 2017).
As community college students start their higher education journey many
students bypass applying for financial aid and instead pay for their educational
expenses through work or private loans (ACSFA, 2008). For students who opt to
take out private loans from an outside lender, the interest rates tend to be higher
than federal student loans, in turn, the increase in the capital loan amount results
in a higher loan payment. ACSFA (2008) further states that “unfortunately many
such students do not realize that taking advantage of available federal grant aid
can be of significant financial benefit to them” (p. 7). When community college
students are unaware of financial aid and grant opportunities to provide support to
fund their education, they are more likely to work more hours to make ends meet
and less likely to be academically successful (ACSFA, 2008). Many community
college students will work a significant number of hours ranging from 30 hours a
week or more to ensure they have enough funds to pay for their college tuition
and living expenses (ACSFA, 2008). Among students that do work and receive
financial assistance, working too many hours will impact students’ eligibility for
certain types of grant funding such as the Federal Pell Grant (ACSFA, 2008).
Additionally, many students who do apply for financial aid will apply late. Since
most of the funding would have already been awarded to first-year students who
applied on time, applying late can result in reduced financial aid awards (Miller,
2013). Therefore, it is critical for first-generation, low-income, transfer students to
develop knowledge about applying for and accepting loans, repayment options,
and accessing additional financial resources at higher education institutions.
To complicate matters, some students who accumulate student loan debt
are at a higher risk of defaulting on their loans. Research shows that students who
are more likely to default on their federal student loans are African American
students, Federal Pell Grant recipients, first-generation college students, and those
who attend colleges that are for-profit (Gonzalez et al., 2019). The consequences
of defaulting on student loans could severely impact students, resulting in having
a higher amount of debt due to the accumulation of interest rates and collection
fees (Association of Community College Trustees, n.d.). The effects are long-
lasting. With student loan debt on the rise and default rates contributing to
increasing stressors for college graduates, it will be harder for them to obtain a car
loan, pay for a mortgage, and contribute towards spending that will fuel the
economy (Alban et al., 2014). If the default is not resolved, the loan will continue
to accumulate interest and the student will not be eligible for additional federal
financial aid (Association of Community College Trustees, n.d.). In total,
defaulting on loans adversely impacts the loan holder, higher education
institutions, and the U.S. economy. For example, when higher education
institutions' cohort default rate is too high, they may face sanctions such as losing
federal funding such as loans and Federal Pell Grants (Association of Community
College Trustees, n.d.). It is clear that if higher education institutions do not take
the steps to provide sufficient financial funding, awareness of financial aid
systems, and increase financial literacy in higher education institutions, it will
have a huge impact on the future of this country.
Given the multiple challenges associated with student loan debt and
default, researchers in the field suggest particular strategies to increase financial
literacy, awareness, and knowledge regarding financial aid systems. These include
offering financial crisis support teams, financial education, high-touch personal
counseling, financial resources (e.g., tuition waivers, textbook discounts),
personal finance course during freshman orientation, University 101 seminar
financial literacy course, interactive online programs, classroom-based programs,
game-based education, event-based programs (Alban et al., 2014; Kezar & Yang,
2010; Klepfer et al., 2019; Zapp, 2019). Although financial education efforts that
focus on increasing student financial literacy and financial awareness are being
implemented across some higher education institutions, first-generation, low-
income transfer students continue to face financial barriers (Furquim et al., 2017).
Financial literacy education efforts across higher education institutions are offered
as optional services for students to seek support. As such, the students who may
benefit the most from financial literacy and education effort—such as first-
generation, low-income transfer students—may not be receiving sufficient
financial knowledge.
In addition, more research is needed to assess financial literacy and
education efforts among first-generation, low-income, transfer students to
determine their effectiveness and impact on students’ financial literacy (Goetz et
al., 2011). Even though some colleges and universities provide financial literacy
and education efforts, not all higher education institutions have implemented
efforts to increase the financial knowledge and access to resources for first-
generation, low-income transfer students (Kezar & Yang, 2010). Considering the
increase in federal student loans, credit cards used to pay for college costs, and the
low financial knowledge of first-generation, low-income transfer students, it is
critical for colleges to monitor financial literacy closely and implement
educational programs that aid with increasing financial knowledge (Eitel &
Martin, 2009; Kezar & Yang, 2010; Whitley et al., 2018). Furquim et al., (2017)
emphasized the need for further research to gain an understanding of the
relationship between first-generation college students, student loans, the
intersection of these various aspects of students' experiences, and what
interventions higher education institutions could implement to increase financial
aid knowledge.
Practitioners and researchers at UC institutions have identified programs
and services that can aid with the advancement and success of transfer students to
obtain the capital needed for them to connect with financial resources and
programs at the institution (President’s Transfer Action Team, 2014). Such
programs that were recommended include summer bridge programs, transfer
student orientations, transfer centers, on-campus housing, peer mentoring, transfer
credit evaluations, transfer financial literacy workshops, and transfer scholarships
(Miller, 2013; President’s Transfer Action Team, 2014). There is vast research
that focuses on summer bridge programs for students that are transitioning from
high school to a four-year university (Cabrera et al., 2013; Fletcher et al., 2001;
Lenaburg et al., 2012; Lytle & Gallucci, 2015). Summer bridge programs aimed
at supporting underrepresented, low-income students have gained traction in
higher education as they serve as a means to recruit students, retain them, and
support their graduation efforts (Ackermann, 1991; Miller, 2013; Odeleye &
Santiago, 2019; President’s Transfer Action Team, 2014). In addition to
supporting students' persistence and retention at higher education institutions
(Cabrera et al., 2013; Fletcher et al., 2001; Lytle & Gallucci, 2015; Odeleye &
Santiago, 2019), some summer bridge programs recommend integrating financial
aid advising to support students as they start their higher education journey
(Fletcher et al., 2001). Fletcher et al. (2001), further mention, “According to
recent surveys and retention figures, students attending the WISE Summer Bridge
are better able to acclimate to the campus by receiving general information
concerning the university, financial aid, and departmental advising” (p. 2). While
summer bridge programs are known for helping students academically and
socially, it is not clear whether the programs support students with financial
literacy and increase awareness regarding financial aid systems.

Purpose of the Study
Previous research on the transfer student experience focused primarily on
the academic and social aspects of a student’s experience with regard to how they
impact student retention (Rhine et al., 2000; Townsend & Wilson, 2006). A
review of the literature shows that there is minimal research that focuses on
financial literacy, financial awareness, and willingness to seek financial support
services on higher education campuses among first-generation, low-income
transfer students (ACSFA, 2008; Engle & Tinto 2008; Furquim et al., 2017;
Miller, 2013; Radunzel, 2018). Literature that focuses on financial awareness
highlights that first-generation, low-income students may be less familiar with
navigating financial systems at their home institution and will be impacted
negatively by being awarded less financial aid funding, may work more hours,
and accept more loans to pay for college (Fry et al., 2014; Miller 2013). There is
also minimal research that focuses on financial literacy among first-generation
transfer students in higher education institutions (Starobin et al., 2013).
Based on the findings from previous research, there is a need to focus on
the impact of financial literacy, and financial awareness, and increase knowledge
surrounding the utilization of financial support services concerning first-
generation, low-income transfer students who attend a summer bridge program at
a four-year institution. More specifically, the following research questions will
serve to guide this research:
1) How do first-generation, low-income students who participated in the
Summer Transfer Transition Program (STTP) describe their

experiences navigating higher education financial aid systems, their
financial aid awareness, and financial literacy after attending the
program?
2) In what ways did the Summer Transfer Transition Program (STTP)
impact the students’ financial aid attainment and utilization of
financial support services on campus?
The purpose of this study is to understand the impact the Summer Transfer
Transition program had on Educational Opportunity Program (EOP) participants’
comprehension of financial aid awareness, financial literacy, and willingness to
seek financial support services on campus. The Summer Transfer Transition
Program (STTP) is a one-week summer bridge program that introduces first-
generation, low-income, transfer students to the university, connects them to
campus resources, fosters a smooth transition to the university, and promotes a
sense of community. At Central Coast University, approximately 40 percent of
the undergraduate student population are first-generation students and of those
students, approximately 36 percent are part of EOP. The EOP program at Central
Coast University, provides opportunities for participation in summer bridge
programs, connection to peer mentors, introduction to campus resources, and
provides holistic counseling in the areas of personal, social, cultural, academic,
career, and financial matters. The research sample includes first-generation, low-
income, transfer students who were admitted to a public four-year university. The
participants consisted of incoming EOP students that successfully completed the
STTP program before matriculating to the university.
This study will incorporate a narrative research design that provides
participants in the program the opportunity to tell their stories (Creswell, 2018).
Merriam and Tisdell (2016) have stated that “stories are how we make sense of
our experiences, how we communicate with others, and through which we
understand the world around us” (pp. 33-34). Through the implementation of a
narrative research design, this study will provide an avenue for first-generation,
low-income transfer students to share their first-person accounts of their
experiences as it relates to navigating financial aid systems, financial literacy, and
financial awareness at their higher education institution (Merriam & Tisdell,
2016).
This study is guided by a social justice framework (Bell, 2016) and the
theoretical framework of Bandura’s (1989) social cognitive theory. Social justice
strives toward a democratic and participatory society that values diversity and
brings forth the experiences of underrepresented people while also working
toward equity and access (Bell, 2016; Theoharis, 2007). It is with a social justice
lens that this study hopes to elevate the voices of first-generation, low-income,
transfer students, and those who come from underrepresented communities to
gain a better understanding of their financial literacy, financial awareness, and
experiences navigating financial aid systems at a higher education institution.
Social cognitive theory states that learning is a social process that incorporates
cognition, action, other personal factors, and environmental events that impact the
learning process (Bandura, 1989). This study will highlight individual self-
efficacy while taking into consideration culture, societal structures, and
environmental factors. Using a constructivist lens, the focus of this study is to
gain an understanding of the participants’ financial aid awareness and financial
literacy as well as their knowledge and potential utilization of financial aid
support services on campus. According to Dugan (2017) “[constructivism]
positions reality as subjective and constructed through the experiences and
perspectives of the individual; reality is uncovered only through interaction and
interpretation and the acknowledgement that bias is inherent in research” (p. 7).
Significance of the Study
With an increase of first-generation, low-income, transfer students
attending college, it reinforces the need for higher education communities to
critically identify promising practices for the successful transfer of these student
populations from two-year to four-year higher education institutions (Smith &
Miller, 2009). Earning a college degree is more than just a pathway to
opportunities for college students, it is also a prerequisite to obtaining a job in the
new U.S. economy (The White House President Barack Obama, n.d.). Of the 30
fastest-growing occupations of the 21st century, more than 50% of them will
require a postsecondary degree (The White House President Barack Obama, n.d.).
The U.S. Bureau of Labor Statistics (2020) shows that the annual salary in 2019
for people with a bachelor’s degree was $75,440 compared to $37,930 for
someone with a high school diploma or equivalent. The increase in salary
earnings for people who receive a bachelor's degree reinforces the importance of
first-generation, low-income transfer students successfully transferring to a four-
year higher education institution and reaching their goal of graduating.
This study will add to the current research surrounding the impact of
policies tied to financial aid, financial literacy, transfer pathway, and higher
education that will contribute to increasing access and opportunities for first-
generation, low-income transfer students. This research study brings to light the
obstacles faced by first-generation, low-income, transfer students that participated
in the STTP program. The study hopes to uncover the experiences students face as
they pursue their educational goals of transferring to a four-year higher education
institution and their experiences with financial aid systems. The U.S. Financial
Literacy and Education Commission (2019) emphasized that “helping students
and their families avoid the pitfalls associated with financing higher education,
and empowering them to make optimal financial choices, should be a priority of
all institutions of higher education” (p. 2). This study will help to better inform
community colleges, higher education institutions, government agencies, financial
institutions, community members, and current and future students about current
financial education practices among colleges and universities. Another objective
of this study is that it will highlight opportunities to improve financial literacy and
reinforce the importance of access to financial aid systems, specifically geared
towards first-generation, low-income, transfer students.
Lastly, this study will inform educational practices that Extended
Opportunity Programs and Services (EOPS) at two-year colleges and EOP
programs at higher education institutions offer. It is the ethical responsibility of

student affairs professionals and administrators on college campuses to include
the voices of the students and to shed light on financial awareness-related
services. Additionally, the study will help to inform best practices of EOP
programs, and financial aid offices at higher education campuses across the
United States.
Definition of Terms
There are a variety of terms in the literature that focus on students who are
first in their families to attend college, students that transfer to a college or
university, as well as financial literacy and awareness terms that are important to
outline in this section to provide clarity in this study. The definition of terms are
as follows:
Community College: According to the American Association of
Community Colleges (AACC) (2019), community college is defined as regionally
accredited institutions that award an associate degree as their highest degree. For
purposes of this research, community colleges are being defined as two-year
colleges that provide students the opportunity to earn an associate degree as noted
by AACC (2019). Shapiro et al. (2017) note, “out of 852,439 students who first
enrolled at a community college [in 2016], 31.5 percent (268,749) transferred to a
four-year institution within six years” (p. 9).
EOP Program: The shift to move towards a more equal and desegregated
higher education for underrepresented students was brought forth during Dwight
Eisenhower’s presidency which was a time when the civil rights movement could
not be ignored by the federal government (Lerma et al., 2013). Educational

Opportunity Programs were created in colleges and universities as a way to
address social inequalities and address educational equity and social justice
(Winograd et al., 2018). During the 1990s various policies had huge impacts on
the access to higher education opportunities for underrepresented first-generation
low-income students (Contreras, 2005). Contreras (2005) further states,
“Proposition 209, passed in 1996, banned the consideration of race, ethnicity, or
gender in college and university admissions” (p. 372). Post-Proposition 209,
admission into Educational Opportunity Programs was based on first-generation
and low-income status.
Financial Awareness: According to Klepfer et al. (2019) in a national
aggregate report Student Financial Wellness Survey, financial awareness
encompasses students’ financial security, basic needs security, paying for college,
debt management, and supporting the family financially. For purposes of this
research study, financial awareness is defined as including students’ spending
habits, management of debt, and taking into consideration students’ financial
well-being, which are important issues that have been prevalent among students in
colleges and universities in the United States (Palmer et al., 2010).
Financial Literacy: Much of the research surrounding financial literacy
has been focused primarily on understanding the financial circumstances of
college students as well as their finances as it pertains to the use of credit cards
(Cude et al., 2006). The President’s Advisory Council on Financial Literacy
(2008) defines financial literacy as “...the ability to use knowledge and skills to
manage financial resources effectively for a lifetime of financial wellbeing” (p.

4). For purposes of this research study, financial literacy is being utilized as a
broader term to include financial knowledge and utilization of financial literacy
tools at a university campus (Cude et al., 2006; Kasman et al., 2018). According
to Xiao et al., (2014), previous research regarding financial literacy awareness
among college students shows that they have a low level of knowledge
surrounding this topic.
First-Generation: First-generation students are students who are the first
in their families to go to college, their parents or guardians did not attend college
or hold a college degree (Engle et al., 2006). First-generation low-income students
are more likely than their peers to be older, be female, come from
underrepresented backgrounds, be non-native English speakers, have children, be
single parents, and be financially independent (Engle & Tinto, 2008). In public
four-year institutions, 34% of first-generation, low-income students earned a
bachelor’s degree within six years, compared to 66% of other students (Engle &
Tinto, 2008). According to the U.S. Department of Education National Center for
Education Statistics, first-generation college students enrolled in higher education
institutions accounted for about 56% of students that were enrolled in college
during the 2015-16 academic year (Radwin et al., 2018; RTI International, 2019).
During the 2015-16 academic year, nationwide there were 64% of first-generation
undergraduates enrolled in public two-year colleges versus 47% enrollment at
four-year higher education institutions (Radwin et al., 2018; RTI International,
2019).
Low-Income: In this study, low-income is being defined as students who
are Federal Pell Grant recipients at a higher education institution or whose income
is at or below $50,000 (Cahalan et al., 2019). According to Engle and Tinto
(2008), the U.S. Department of Education identifies a student who may be low-
income if their family income is below $25,000. At the University of California
institutions, first-generation students are more likely to receive Pell Grants which
are awarded to students whose family income is $50,000 or less (University of
California [UC] Office of the President, 2017). This study integrates the definition
of low-income as defined by the Cahalan et al. (2019) which is inclusive of
students who are awarded the Federal Pell Grant or whose family income is
$50,000 or less since this definition is inclusive of all first-generation, low-
income, transfer students and includes students who may not be eligible for
federal funding such as undocumented college students.
Postsecondary Education: The U.S. Department of Education National
Center for Education Statistics (Snyder et al., 2019) defines postsecondary
education as educational programs that offer academic, career, technical, and
continuing professional education programs that are offered after high school.
With regards to community colleges, they offer for the most part two-year college
curriculums, technical education programs, and associate degrees that provide
students the opportunity to transfer to a higher education institution (Snyder et al.,
2019). A four-year institution is defined as a university that typically provides
undergraduate coursework of study that leads to the completion of a bachelor’s
degree, in addition to providing programs that lead to advanced degrees (Snyder

et al., 2019). For purposes of this study, the definition provided by the U.S.
Department of Education National Center for Education Statistics (Snyder et al.,
2019) is being utilized when describing two-year and four-year higher education
institutions.
Summer Bridge Program: Summer bridge programs which may also
include transitional programs usually are geared toward admitting first-
generation, low-income students who may not be college-ready (Kallison &
Stader, 2012). University summer bridge programs which may include
transitional programs that are implemented for first-generation low-income
students are becoming more important for the recruitment, retention, and
graduation efforts of students on college and university campuses (Ackermann,
1991).
Transfer Student: Transfer students are defined as students that move
from a two-year institution to a four-year institution with or without receiving an
associate degree or certificate from their home institution (Shapiro et al., 2017).
According to Shapiro et al. (2017), “out of 852,439 students who first enroll at a
community college, 31.5 percent (268,749) transfer to a four-year institution
within six years” (p. 9). Among the students who transfer to a university,
approximately 34 percent received either a certificate or an associate degree from
a community college before transferring (Shapiro et al., 2017).
Conclusion
This chapter provided an overview of the problem as well as the
significance of this study. This chapter highlighted the reasons why it is important
for universities to gain an understanding of the needs of first-generation, low-
income, transfer students. The chapter also emphasized how important it is for
higher education institutions to provide the information and tools necessary for
students to gain a better understanding of their financial literacy and financial aid
systems. In the following chapter, I introduce the literature surrounding the topics
of financial aid in higher education, financial literacy among college students, and
financial education efforts, and illustrate the theoretical frameworks that informed
this study.
Chapter 2
Literature Review
This review of the literature examines research addressing first-generation,
low-income, transfer students and their face financial difficulties. Studies indicate
that these students are more likely to borrow higher amounts of money than their
higher-income peers and, typically, possess less financial literacy (Chen et al.,
2019; Engle & Tinto, 2008; Gard et al., 2012). Additionally, first-generation, low-
income students tend to experience added challenges with regard to educational
costs such as lack of childcare for their children, transportation costs, familial
financial support, and lack of academic preparation (Chen et al., 2019; Dan Broun
et al., 2014; Pascarella et al., 2004; Radunzel, 2018). First-generation, low-
income transfer students are primarily underrepresented and are among the
students who have not had the same opportunity for engagement and access to
resources as their peers (Engle & Tinto, 2008; Townsend & Wilson, 2006). Also,
first-generation, low-income transfer students are sometimes awarded insufficient
financial aid to cover all of their college expenses (Engle et al., 2006; Gard et al.,
2012). Among the many challenges that first-generation, low-income students
face, is an inadequate understanding of financial resources as well as gaining an
understanding of utilizing financial resources at their transfer institutions (Engle
& Tinto, 2008; Miller, 2013).

In order to support first-generation low-income transfer students, it takes a
village of higher education institution stakeholders such as counselors, college
administrators, faculty, staff, and policymakers to understand the financial
concerns and challenges that students face on their path to higher education to
better serve students and identify opportunities that can support their personal and
educational success. Financial education is critical for the success of future first-
generation college students and it is vital during and after college (Eitel & Martin,
2009). Financial education surrounding topics such as how to interpret financial
aid awarded, loan eligibility, budgeting, and how to manage money can provide
students with knowledge and skills to make informed decisions in college and
beyond. With an increase of first-generation, low-income students going to
college, it is critical for universities to provide support services and opportunities
for students to become financially literate. This involves encouraging students to
utilize resources on campus, such as connecting with financial aid administrators
to gain an understanding of their financial aid and providing opportunities for
students to learn how to manage their money. Greater financial awareness for
first-generation students increases the likelihood of retention, and also contributes
to greater post-graduate success (Baker & Montalto, 2019). Kasman et al., (2018)
emphasized that students who lack basic financial knowledge and skills can face
additional challenges once they enter adulthood, and encounter greater challenges
than previous generations. For purposes of this research study, financial literacy is
being utilized as a holistic term, which includes financial knowledge and

utilization of financial literacy tools at a university campus (Cude et al., 2006;
Kasman et al., 2018).
The focus of this study is to gain an understanding of the EOP Summer
Transfer Transition Program (STTP) participants’ financial aid awareness and
financial literacy as well as their knowledge and potential utilization of financial
aid support services on campus.
More specifically, this study considers the following questions:
1) How do first-generation, low-income students who participated in
the Summer Transfer Transition Program (STTP) describe their
experiences navigating higher education financial aid systems,
their financial aid awareness, and financial literacy after attending
the program?
This review will highlight 1) the theoretical frameworks that will guide the study,
2) financial literacy among college students, 3) financial literacy among first-
generation, low-income transfer students, 4) financial aid in higher education, 5)
the impact of financial aid, 6) and financial education initiatives.
Social Justice Framework
This study integrates a social justice framework (Bell, 2016). Social
justice is defined by Bell (2016) as a goal and a process. Bell (2016) goes on to
state, “the goal of social justice is full and equitable participation of people from
all social identity groups in society that is mutually shaped to meet their needs”
(p. 1). The process by which to reach the aforementioned goal of social justice
needs to be democratic and participatory, while also taking into account the value
of diversity and the differences of groups, be inclusive and uphold human agency,
while also working collectively with others to enact change (Bell, 2016). Within
higher education, social justice is, at its core, informed by bringing forth the
experiences of underrepresented people and working towards equity and access in
higher education (Theoharis, 2007). Theoharis (2007) emphasized that “...social
justice leadership [means] that…issues of race, class, gender, disability, sexual
orientation, and other historically and currently marginalizing conditions in the
United States [are] central to their advocacy, leadership practice, and vision” (p.
223). The social justice framework is built upon respect, recognition, empathy,
and care (Theoharis, 2007). Social Justice draws from social movements and the
work of Freire’s Pedagogy of the Oppressed (2000), social-psychological
frameworks such as Dewey’s (1909), and political and philosophical theories such
as Young’s (1990) Justice and the Politics of Differences (Hytten & Bettez,
2011).
With regards to social movements and the work of Paulo Freire (2000),
there is a direct connection between community activism that simultaneously took
place with the emergence of social psychologists during the mid-1950s which was
evident after the decision of Brown vs. Board of Education (Adams & Bell, 2016).
According to Yosso et al. (2004), “In the 1954 Brown case, the Supreme Court
unanimously ruled that separate educational facilities were inherently unequal and
ruled this arrangement unconstitutional…” (p. 8). This case was met with anguish
as well as an increase in violence at some schools which resulted in president
Eisenhower needing to call on the National Guard to execute the decision by the
courts (Lerma et al., 2013). The U.S. Supreme Court decision on the Brown vs.
Board of Education triggered a social and educational tense environment of
resistance on behalf of people that opposed providing all students regardless of
race an equal educational opportunity in the U.S. (Lerma et al., 2013). As Adam
and Bell (2016) emphasize, “consciousness-raising was one of the tools by which
the personal became the political” (p. 31).
Another policy that had a huge impact on educational access for students
was the passing of the Equal Educational Opportunity Act which passed in 1974,
which prohibited segregation based on students’ color, race, and national origin
(Lerma et al., 2013). The act further banned the busing of children of color based
on their race and also provided families the opportunity for them to be able to
attend a school that was closer to their home (Lerma et al., 2013). During the
1960s another act had a huge impact on the access and affordability for students
to be able to have the resources and financial funding to go to college. The Higher
Education Act of 1965 established programs to provide financial support, such as
grants, federal loans, and work-study to students enrolled in higher education
(Choy, 2000).
Along with the enactment of educational politics that had an impact on
first-generation and underrepresented students in the United States, Freire’s
(2000) philosophical pedagogy which centered on issues of historical struggle had

an influence on the U.S. as well as on a global scale (McLaren, 1999). In Freire’s
Pedagogy of the Oppressed (2000) he speaks of individuals who are oppressed by
the structures of society and provides insight into how individuals can overcome
such struggles. Freire (2000) further explains, “to surmount the situation of
oppression, people must first critically recognize its causes so that through
transforming action they can create a new situation, one which makes possible the
pursuit of a fuller humanity.” (p. 47). Freire (2000) argues that within educational
spheres, the problem with education is what he refers to as a banking system that
takes place within the teacher-student relationship. The banking system refers to a
teacher sharing information in an education setting and not allowing students to
dialogue or engage with the material that fosters critical thought (Freire, 2000).
He provides an alternative to learning, which is centered around problem-solving
and aimed at providing students with the opportunity to think critically while
inviting communication between the teacher and student (Freire, 2000; Hytten &
Bettez, 2011). Freire asserted that for educational changes to take place, there is a
need for changes to also take place in the political and social structures (McLaren,
1999). Freire’s critical pedagogy has influenced teachers and educators in their
efforts toward getting rid of inequalities within the educational system based on
social class (McLaren, 1999). Freire’s work has also contributed to educators
integrating more diverse curricula and working towards ensuring that educational
practices and policies are anti-sexist, anti-homophobic, and anti-racist (McLaren,
1999).
Adding to the discourse of social justice, John Dewey’s social-
psychological framework contributes a unique perspective as it emphasizes
education that takes into account the experiential aspects of students engaging
with social issues (Adams & Bell, 2016). According to Dewey, knowledge can
have two forms, such as the information that individuals may store based on their
memories and the second form comes from the act of learning that is derived from
a specific challenge or problem that is faced (Strømnes, 1991). Dewey
emphasizes that knowledge is acquired due to the activation that takes place when
an individual encounters a problem, which contributes to having more of a
purpose for the act of learning (Strømnes, 1991). Dewey’s emphasis on the social
experiences of individuals as a way to acquire knowledge is a powerful ideology
that challenges traditional teaching norms, all of which contributed to a new way
to engage with education and the learning process (Adams & Bell, 2016). It was
through such innovative ways to view the acquisition of knowledge that Dewey
contributed to cross-cultural educational practices that took place in schools and
communities after the Brown vs. Board of Education decision (Adams & Bell,
2016).
Moreover, Young's (1990) political influence on social justice brings to
the forefront the importance of taking into account fairness and equity as it
pertains to social processes (Bell, 2016). Young further attests that justice must
also include how decisions are made, and the ways in which labor is divided
among society, and culture (Young & Allen, 2011). Hytten and Bettez (2011) go
on to state, “[Young] begins by challenging a distribution of justice, saying it

obscures systemic and structural inequities” (p. 11). Young emphasizes that there
is a need to focus on oppression and domination in society, which raises issues
such as equal distribution of labor (Young & Allen, 2011). Young asserts that
injustices within society derive from oppression and domination (Young & Allen,
2011). Young and Allen (2011) emphasize, that “a focus on the distribution of
material goods and resources inappropriately restricts the scope of justice because
it fails to ring social structures and institutional contexts under evaluation” (p. 20).
Within an educational setting, Young draws attention to the unequal educational
opportunities that can be seen in a cultural context such as the inequities of
opportunities among Black and White children, among children from the
working-class and middle-class, and children based on their gender identity
(Young & Allen, 2011).
In the United States, there is a long history of educators who have
integrated social justice concepts into their educational practices and who also
strived toward advancing social justice education (Adams & Bell, 2016; Bettez,
2008; Hackman, 2005; Hytten & Bettez, 2011). Hackman (2005) emphasizes that
social justice education is committed to fostering a more active learning
environment for children by encouraging them to play an active role in their
learning. Social justice education also encourages teachers to create and foster
empowering and democratic educational environments (Hackman, 2005). Within
educational spaces, Hackman (2005) further attests that social justice education
brings to light the various systems of oppression such as power and privilege that
contribute to social inequalities and empowers students to pay close attention to

systems of oppression such as cultural, institutional, and individual, all while
working towards making a positive contribution towards social change.
In order for social justice education to be effectively integrated into educational
practices, Hackman (2005) identified five essential components of social justice
concepts that can be integrated into a classroom environment. The five social
justice educational components include content mastery, tools to aid with critical
analysis, tools to help with moving towards action and social change, tools to aid
with personal reflection, and having an understanding of multicultural dynamics
(Hackman, 2005). Moreover, Bettez (2008) adds to the literature on social justice
education within higher education by introducing seven activism teaching
practices, skills, and dispositions (Hytten & Bettez, 2011). Bettez (2008) further
notes that the seven practices include:
(1) promoting a mind/body connection, (2) conducting artful facilitation
that promotes critical thinking, (3) engaging in explicit discussion of
power, privilege, and oppression, (4) maintaining compassion for students,
(5) believing that change toward social justice is possible, (6) exercising
self-care, (7) building critical communities. (p. 276)
Bettez provides educators with practical social justice activist competencies and
skills that can be incorporated into educational settings that can help to foster
inclusive, diverse, and empowering spaces for students to learn and to challenge
systems of oppression (Hytten & Bettez, 2011).
Additionally, various scholars have emphasized the importance of
integrating a social justice lens within financial education and financial literacy
efforts (Tanase & Lucey, 2015; Sabbaghi et al., 2013). Sabbaghi et al. (2013)
researched if college students' leadership characteristics and interest in social
justice issues were influenced by their experience in a financial literacy service-
learning opportunity. The research study focused on finance and the influence that
it may have on fostering the leadership skills of college students pursuing
business, while also having an impact on the community (Sabbaghi et al., 2013).
The study focused on Ignatius University’s College of Business service-learning
model which promoted financial literacy for students in Detroit public schools
that also contributed to fostering a moral sense of responsibility and ethical
leadership among college students (Sabbaghi et al., 2013). Sabbaghi et al. (2013)
further state, “providing financial literacy allows for an important contribution to
society by channeling the student’s discipline-specific knowledge to their
respective urban community” (p. 128). The researchers further noted that the
participants in the research study were undergraduate students pursuing business
and Master of Business Administration students who were enrolled in a finance
course at Ignatius University in Detroit (Sabbaghi et al., 2013). The study was
conducted over the span of two semesters in 2011 (Sabbaghi et al., 2013). College
students that participated in the study were asked to rate themselves with regard to
various leadership dimensions and also interest in various social justice issues
(Sabbaghi et al., 2013). The results of the study highlighted that students'
experience in the service-learning opportunity had a positive impact on their
leadership qualities and interest in social justice issues (Sabbaghi et al., 2013).
The researchers concluded that as a result of the college students participating in

the financial literacy service-learning opportunity, positively impacted their
ethical leadership and contributed to having more compassion to serve the
community (Sabbaghi et al., 2013).
Moreover, Tanase and Lucey (2015) argued for the importance of
connecting mathematics with social justice and financial literacy efforts. By
connecting the three areas, the authors assert that teachers may reconceptualize
how they teach mathematics, which will contribute to providing students with
opportunities to learn about social justice issues (Tanase & Lucey, 2015). The
authors further state that, “financial literacy becomes a process of social justice
because one founds financial decisions upon the principle of treating others as
ends of themselves, rather than as a means for personal gain” (p. 104). By
incorporating a social justice framework, the authors claim that it is important for
teachers to be better prepared to teach mathematics that may help to bring to light
the financial injustices in society, and in return, students will feel more motivated
to enact social change (Tanase & Lucey, 2015).
It is with a social justice lens that this study hopes to elevate the voices of
participants who identify as first-generation, low-income, transfer students, and
who come from underrepresented communities. Based on the lack of inclusion of
this population of students in financial literacy studies, there is a need to focus on
the impact of financial literacy, financial awareness, and knowledge surrounding
the utilization of financial support services concerning first-generation, low-
income transfer students. As highlighted by McKinney and Lowenhaupt (2013)
when referring to social justice in education leadership, “...scholars and

practitioners are unified by a deeply held mission to motivate change to improve
the educational experiences of and outcomes for all students, particularly those
who have traditionally been marginalized in schools” (p. 309). Social justice
brings to the forefront the need for this population of students to have equitable
access to financial literacy and financial awareness opportunities via higher
education institutions (Bell, 2016).
Bandura’s Social Cognitive Theory
This study is also guided by the theoretical framework of Bandura’s
(1989) social cognitive theory. Social cognitive theory states that learning is a
social process that incorporates cognitive, action, other personal factors, and
environmental events that impact the learning process (Bandura, 1989). Bandura
(1989) states, “any account of the determinants of human action must, therefore,
include self-generated influences as a contributing factor” (p. 1175). People’s
belief about their capabilities to exercise control over the events that impact their
lives is self-efficacy (Bandura, 1989). In social cognitive theory, “self-efficacy
beliefs function as an important set of proximal determinants of human
motivation, affect, and action” (Bandura, 1989, p. 1175). Social cognitive theory
emphasizes that “people’s self-efficacy beliefs determine their level of
motivation, as reflected in how much effort they will exert in an endeavor and
how long they will persevere in the face of obstacles” (Bandura, 1989, p. 1176).
People's perceptions of their self-efficacy impact their future behaviors, those who
have a higher sense of efficacy visualize positive and successful outcomes
(Bandura, 1989). Whereas individuals that visualize themselves as not being

successful are more likely to perceive future performance as a failure and worry
about how things will go wrong (Bandura, 1989).
Additionally, according to Wood and Bandura (1989), people’s self-
efficacy can be instilled and strengthened in four ways, which are via mastery,
modeling, social persuasion, and through their psychological state. Wood and
Bandura (1989) state, “the most effective way individuals develop a strong sense
of efficacy is through mastery experiences'' (p. 364). Mastery is achieved through
performance successes while experiencing failure will contribute to feelings of
self-doubt (Wood & Bandura, 1989). For people to gain resilience within the
realm of self-efficacy, people need to overcome obstacles via perseverance
(Wood & Bandura, 1989). The second way to increase and strengthen self-beliefs
is via modeling (Wood & Bandura, 1989). According to Wood and Bandura
(1989), “Proficient models build self-beliefs of capability by conveying to
observers effective strategies for managing different situations (p. 364). Through
modeling, people’s personal beliefs in their own capabilities are strengthened
when they see other successful individuals (Wood & Bandura, 1989). The third
way of increasing people’s self-beliefs is through social persuasion (Wood &
Bandura, 1989). Wood and Bandura (1989) state that “social persuasion is a third
way of increasing people’s beliefs that they possess the capabilities to achieve
what they seek” (p. 365). When people receive realistic encouragement, they will
be more likely to apply greater effort and have greater success than others that
have more self-doubts (Wood & Bandura, 1989). As noted by Wood and Bandura
(1989), “the fourth way of modifying self-beliefs of efficacy is for people to

enhance their physical status, to reduce their stress levels, or to alter their
dysfunctional …[comprehension] of somatic information” (p. 365). Wood and
Bandura (1989) argue that individuals assess their sense of self and capabilities
through their own interpretations and views of their physiological conditions.
Within the field of higher education research, the construct of self-efficacy
has gained traction (van Dinther et al., 2011). A large body of research has
assessed the influence of self-efficacy among first-generation, low-income college
students as it pertains to their graduate education (Tate et al., 2015), career
aspirations, and decision making (Gregor et al., 2020; Shin & Lee, 2018), as well
as academic persistence and postsecondary educational goals (Garriott et al.,
2017; Xing & Rojewski, 2020). Several researchers have examined college
students' self-efficacy in financial knowledge (Heckman & Grable, 2011) and
financial stress and help-seeking behavior (Lim et al., 2014). The origins of
studies on financial self-efficacy are based in the personal finance field,
integrating financial management concepts with peoples’ beliefs about their
capabilities to manage their finances (Lim et al., 2014). In the field of higher
education, Heckman and Grable (2011) revealed that there was a significant
positive relationship between financial knowledge and financial self-efficacy. The
study also noted that college students with higher income exhibited higher self-
efficacy (Heckman & Grable, 2011). Lim et al. (2014) found that students with
high financial self-efficacy were more likely to seek financial help when they
experienced high levels of stress. Very few studies have examined self-efficacy as
it relates to first-generation, low-income college students' financial stress and

financial counseling (Britt et al., 2015), financial stress, and major choice
(Fosnacht & Calderone, 2017), as well as financial management and financial
knowledge (White et al., 2019).
The study led by White et al. (2019) focused on the relationship between
financial management, financial knowledge, and financial self-efficacy among
African American college students. The study included 787 African American
college students, of which approximately 35-39% of students whose parents'
education was high school or less and around 38% of parents' annual income was
$59,000 or less. There were also 11,858 students that participated in the sample
that identified as non-African American (White et al., 2019). Among African
American college students, financial management had a stronger correlation with
financial knowledge (White et al., 2019). The results of this study showed that if
African-American college students' financial management scores were low, their
self-efficacy would also be lower than their non-African-American counterparts
(White et al., 2019). The study found that higher self-efficacy was present among
African American students who had more experience with financial management
(White et al., 2019). However, when taking into consideration increased financial
knowledge, there was no correlation with higher financial self-efficacy (White et
al., 2019). Although there were first-generation and low-income students included
in the research study, the study focused primarily on financial self-efficacy among
African American college students.
Moreover, the study led by Britt et al. (2015) incorporated Bandura’s
(1977) social cognitive theory as a conceptual framework to show the impact of

financial stress on the lives of college students. The study’s (Britt et al., 2015)
initial sample included 675 students, of which there were first-generation students
(19%), more female college students (65%), with most students in their senior
year (35%), and the majority of students were White (80%). The study included a
follow-up sample of 97 students, which accounted for 14% of the initial sample
(Britt et al., 2015). Britt et al. (2015) hypothesized that college students’ financial
stress levels were influenced by resources, family, perceptions, and their
developmental stage. The study led by Britt et al. (2015) highlighted that financial
counseling via an on-campus financial counseling center had a positive impact on
students’ financial knowledge, they were more satisfied, and also felt less anxious
about their financial circumstances (Britt et al., 2015). With regards to the
students that participated in financial counseling via the on-campus center, the
positive impact on student’s financial knowledge and feeling less anxiety could be
attributed to social persuasion which is a way of increasing people’s beliefs that
they have the capabilities to achieve what they want (Wood & Bandura, 1989).
Wood and Bandura (1989) further emphasized that when individuals receive
encouragement that is realistic, they are more likely to contribute greater effort to
a task, and achieve higher success than might those who experience self-doubt.
The research findings showed that financial counseling had a positive increase on
college student’s financial knowledge as well as positively impacted their
financial behaviors and reduced anxiety surrounding financial circumstances,
which could have been positively influenced by the social interactions that took
place during the counseling sessions (Britt et al., 2015). This study did not
provide results specific to the first-generation college students that participated in
the study, nor did it include a diverse group of college students (Britt et al., 2015).
Research has shown that self-efficacy has been associated with increased
financial management (White et al., 2019) and a higher impact on students’
willingness to seek financial counseling support (Britt et al., 2015). One of the
main drivers that continues to push first-generation, low-income transfer students
to excel despite all the obstacles they face as they enter and navigate higher
education institutions is their motivation (Hollifield-Hoyle & Hammons, 2015). A
study conducted by Hollifield-Hoyle and Hammons (2015) that involved
interviews with 18 low-income community college students that successfully
continued to their second year at four community colleges revealed that
motivation was critical to their continued success. Hollifield-Hoyle and Hammons
(2015) noted that “the 16 participants with strong vocational motivation believed
that higher education would lead to improved employment, an outcome essential
to their families’ financial stability and quality of life” (p. 51). Based on these
findings and the positive impact that self-efficacy beliefs have on people's
motivation (Wood & Bandura, 1989), the incorporation of social cognitive theory
will be helpful when exploring financial literacy, financial wellness, and financial
aid attainment, among first-generation, low-income transfer students. The limited
research on first-generation, low-income transfer students' self-efficacy as it
pertains to financial aspects of a student’s experience in a higher education setting
provides an opportunity to explore students' self-efficacy further. A constructivist
epistemological approach will guide this study to understand participant financial

aid awareness and knowledge, and the potential utilization of financial aid support
services on campus.
Financial Literacy
With higher education institutions experiencing a phenomenon of more
first-generation, low-income transfer students going to college, universities must
support their transition by integrating financial education as part of their
onboarding to their institution. Breitbach and Walstad (2016) stated, “during a
span of a decade or two for most individuals, they make multiple, life-shaping
financial decisions that affect all aspects of their lives and their financial futures”
(p. 81). In addition, financial literacy could yield benefits for younger generations
when it comes to retirement as compared to their predecessors (Kasman et al.,
2018). In the last two decades, many employers transitioned from providing
pension plans to their employees, to employees being responsible for saving for
retirement which requires having an understanding of financial concepts as well
as knowing how to navigate investment and retirement decisions (Kasman et al.,
2018). Studies conducted by Klepfer et al. (2019) and Watson et al. (2017)
support the need for financial education to take place on college and university
campuses so that students have financial awareness when entering college.
Financial literacy and education efforts surrounding first-generation, low-income,
transfer understanding of financial aid systems are critical for their successful
transition to four-year higher education institutions and completion of a bachelor's
degree. Gaining financial literacy and awareness surrounding the financial aid
system will provide students the opportunity to learn, gauge a better

understanding of how financial aid awards, and will provide the knowledge to
make informed decisions about their finances and future.
Defining Financial Literacy
There are many definitions of financial literacy in the literature, which are
centered on four themes: financial knowledge, well-being, confidence, and
behavior (Kasman et al., 2018). Remund (2010) for example defines financial
literacy as, “...(1) knowledge of financial concepts, (2) ability to communicate
about financial concepts, (3) aptitude in managing personal finances, (4) skill in
making appropriate financial decisions and (5) confidence in planning effectively
for future financial needs” (p. 279). The definition of financial literacy that was
issued by the President’s Advisory Council on Financial Literacy (2008), states
that financial literacy is “...the ability to use knowledge and skills to manage
financial resources effectively for a lifetime of financial wellbeing” (p. 4). Huston
(2010) noted that financial literacy has been used interchangeably with terms such
as financial knowledge and financial education. For purposes of this research
study financial literacy is being utilized as a broader term to include financial
knowledge and utilization of financial literacy tools at a university campus (Cude
et al., 2006; Kasman et al., 2018).
Financial Literacy Among College Students
Literature that focuses on financial literacy has expanded to include:
financial knowledge, stress, credit card usage, behaviors, and attitudes (Cude et
al., 2006; Remund, 2010; Robb, 2011; Xiao et al., 2014). Within the realm of
financial literacy, as it pertains to financial knowledge, there has been a plethora

of research conducted on the college student population (Annabi et al., 2018;
Avard et al., 2005; Chen & Volpe, 1998; Chen & Volpe, 2002; Cude et al., 2006;
Mandell, 2008). Concerning assessing college students' financial literacy, Chen
and Volpe (1998) assessed financial knowledge that focused on personal finance
as well as decision making and options. From the study conducted in 1998, other
financial literacy topics were expanded to include gender (Chen & Volpe, 2002).
Chen and Volpe (1998, 2002) were among the first pioneers to lead
research studies that focused on financial literacy among college students. Chen
and Volpe (1998) conducted a research study that explored the importance of
analyzing the financial relationship between student characteristics, knowledge,
and impact on their decision and opinions surrounding the topic of financial
literacy. The study found that of all the participants that participated in the study,
53% of the students answered the questions correctly (Chen & Volpe, 1998). The
results also showed that women, non-business majors, students in their first and
second year in college, and those that were under 30 years of age, and who had
minimal work experience showed lower levels of financial knowledge (Chen &
Volpe, 1998). Students who showed higher levels of financial literacy included
seniors as well as graduate students, business majors, those who had more years
of work experience, and students with higher income (Chen & Volpe, 1998).
When analyzing the results of general financial knowledge further, Hispanic
students had the highest score of 73.81% followed by White students (64.89%),
then Asian students (61.94%), and African-Amerian (56.69%) (Chen & Volpe,
1998). Findings also showed that there was no singular ethnic group that scored
the highest among the four categories which consisted of general knowledge,
savings and borrowing, insurance, and investments (Chen & Volpe, 1998). Chen
and Volpe (1998) note that, “African-American participants earn[ed] the lowest
scores throughout the various sections” (p. 114). The study did not further
elaborate on what factors, lived experiences, or financial circumstances could
explain the low scores among the African-American participants. More research
is needed to explain why some college students are more financially
knowledgeable than others, what factors contribute to the financial knowledge
attained, as well as how students’ knowledge impacts their decisions on personal
financial issues (Chen & Volpe, 1998). The findings in the study further
emphasized that students who had less financial knowledge would be impacted
more when making personal financial decisions as well as impact their decision
making regarding their finances (Chen & Volpe, 1998). Some of the limitations of
the study (Chen & Volpe, 1998) were that the majority of the participants
identified as White were in senior standing, and noted having an income of
$30,000 and higher.
Chen and Volpe (1998) conducted another study in 2002 that focused on
gender differences to provide a more comprehensive analysis of personal financial
literacy. The results of this study aligned with their earlier findings (Chen &
Volpe, 1998) which indicated that women’s financial knowledge was lower than
men’s. The results of the study indicated that “participants with more years of
college education are more likely to know more about personal finance” (Chen &
Volpe, 2002, p. 305). Financial literacy was related to education and experience-
related factors; for instance, business majors were more likely to have a higher
understanding of personal finances (Chen & Volpe, 2002).
Upon further analysis of their data, Chen and Volpe (2002) reported by the
participants, 34% reported earning an income of $50,000; however, when
combining the income of students that earned up to $30,000 that accounted for
40% of the respondents, which captures a good sample of low-income students
(Chen & Volpe, 2002). The study further noted that 70% of the participants
indicated learning financial knowledge from their parents, 60% from college, and
30% from high school (Chen & Volpe, 2002). Chen and Volpe (2002)
emphasized that financial planning and management courses offered in college
could increase financial knowledge.
Additionally, research conducted by Cude et al. (2006) on student
practices related to handling their finances used a mixed-methods approach of
qualitative and quantitative data from a variety of states. Cude et al. (2006)
investigated how college students gain financial knowledge and behaviors that are
associated with students having a higher chance of financial risk than their peers.
Of the 1,891 students that participated in the study, 1,400 students attended
Louisiana State University, and 491 attended the University of Illinois at
Urbanna-Champaign (Cude et al., 2006). With regards to how financially fit the
college students were, the mean score was 2.2 on a 5-point Likert Scale with 1=
always and 5= never (Cude et al., 2006). These results aligned with the findings in
the study conducted by Chen and Volpe (2002), which showed that 70% of the
students indicated that the most influential person is their parent (Cude et al.,
2006). The findings of the study also indicated that students are at a higher
financial risk if they were racially minoritized, senior in college, or had a credit
card (Cude et al., 2006). Findings also showed that students were more financially
knowledgeable if they had higher GPAs or if their parents were married (Cude et
al., 2006). Results from the focus groups that were conducted in this study
indicated some students were interested in receiving financial education such as
workshops or classes to support their financial knowledge (Cude et al., 2006).
One student mentioned, “It is education, even though it’s not part of your
bachelor’s program, it’s part of your life. You need to know this” (Cude et al.,
2006, p. 107). Analyzing further the demographic characteristics of the students
that participated in this study, what stands out is that 80% identified as being
White as well as only capturing the input from college students that attended two
universities, all of which are limitations of this study.
In 2008, Mandell expanded their previous research of high school students
to assess financial literacy among college students on a national level. Mandell
(2008) utilized the Jump$tart college questionnaire which integrated questions
from a previous methodology (Chen & Volve, 1998) and expanded the college
participants to 1,030 full-time students. The purpose of the study was to gain an
understanding of how financial literacy develops among college students as they
get older while also taking into consideration their education (Mandell, 2008).
The majority of the students in the study identified as 75% White, 8.3% African-
American, 5.9% Hispanic American, and 6.6% Asian American (Mandell, 2008).
The study incorporated a large sample of students, 46.5%, whose parents' highest
level of education had not finished high school, completed high school or had
some college (Mandell, 2008). The study indicated that 25.6% of the students
came from families whose income levels were $39,999 or less (Mandell, 2008).
The results of the study showed that “...financial literacy increased with
each additional year of college education, climaxing with an average score of 64.8
percent for college seniors” (Mandell, 2008, p. 8). Findings from the study
indicated that financial literacy increased as students' academic standing moved
up as well as in students who attended four-year institutions (Mandell, 2008).
These findings of class standing and increased financial literacy aligned with a
previous study conducted by Chen and Volpe (2002). The findings of the study
also showed that “...taking a course in personal finance at the high school or
college level has little to do with literacy scores” (p. 29). Students who were
studying social science, science, and engineering, showed higher levels of
financial literacy than students who were studying business or economics
(Mandell, 2008). Findings also showed that students' financial literacy was higher
for students whose parents had higher income and educational attainment
(Mandell, 2008). A finding that does not align with previous studies (Chen &
Volpe, 1998; Chen & Volpe, 2002) pertains to female college students showing
higher levels of financial literacy than males (Mandell, 2008). Findings further
showed that “White college students have a mean financial literacy score of 63.3
in contrast to African American college students who average just 56.3 percent”
(Mandell, 2008, p. 31). Mandell (2008) further noted that “it is not known
whether the differences are culturally-based or are caused by the more difficult
financial circumstances faced by African American college students” (p. 31). The
ambiguity of the results suggests that financial circumstances or factors could be
attributed to the differences in financial literacy levels among White and African
American college students. To know more requires further study.
Furthermore, Xiao et al. (2014) examined the relationship between
financial literacy and financial behaviors among college students at a state
university in the United States. Financial literacy was measured by taking into
account subjective and objective knowledge as well as financial behaviors that
were categorized into two categories: risky borrowing and paying behaviors (Xiao
et al., 2014). Risky borrowing behaviors were associated with using payday loans,
cash advances, and credit cards, while risky paying behaviors were considered
paying bills and credit cards promptly (Xiao et al., 2014). This study utilized
longitudinal data to assess the financial literacy among 1100 college students
(36.3% male and 63.7% female) (Xiao et al., 2014). The majority of the students
that participated in the study were White (68.2%), Latino (14.5%), Asian/Asian
American/Pacific Islander (9.8%), Black (3.6%), Native American students
(1.1%), and students who identified as other or did not indicate ethnicity (2.8%)
(Xiao et al., 2014). According to Xiao et al. (2014), the students' self-reported
average GPA was 3.22 during their first year in college, and students from lower
socioeconomic status (41%), middle socioeconomic status (30%), and higher
socioeconomic status (29%) (Xiao et al., 2014). The college students that
participated in this study were sent two surveys, one that was sent to them during
their first year of college in 2007, and the second survey was sent to the same
students when they were in their fourth year of college that took place in Fall
2010 (Xiao et al., 2014).
The results also showed that the risky behavior did not change; but what
did change was the level of risky borrowing behaviors that increased over three
years (Xiao et al., 2014). The findings also showed that male students conveyed a
higher likelihood of engaging in risky borrowing behaviors as compared to female
students (Xiao et al., 2014). This study found that more knowledge regarding
personal finance reduced the likelihood of engaging in risky paying behaviors
(Xiao et al., 2014). Furthermore, the study noted that a higher GPA was correlated
with less risky paying behaviors, and with regards to parental socio-economic
status, paying credit cards in full was correlated with socioeconomic status (Xiao
et al., 2014). This study did not elaborate further on the analysis of the findings
based on socio-economic status and did not provide findings based on students’
ethnic backgrounds, all of which are limitations of this study. The study (Xiao et
al., 2014) suggests that both subjective and objective financial knowledge in the
first year of college students that participated in this study showed to have a low
level of reducing risky financial behaviors in their fourth year. Based on the
findings from this study, Xiao et al. (2014) suggest that educators incorporate
financial literacy approaches that do more than just enhance financial knowledge.
Such recommendations include incorporating strategies to increase students’
subjective knowledge that enhances students' confidence or methods to apply
objective knowledge and incorporate more action-oriented education.

Moreover, Barboza et al. (2016) led a quantitative study that focused on
assessing financial literacy among 377 college students, undergraduate, and
graduate students as it pertains to gender and academic performance at a mid-
Atlantic state university. The demographic characteristics of the participants were
male (n=232) and female (n=138) with the age range of the students being
primarily 18-20 years old (n=144) and 21-24 years old (n=196), and
approximately 50% of the participants were seniors (n=162) followed by a
freshman (n=102) (Barboza et al., 2016). An overwhelming majority of the
participants were White (n=331) and most of the students majored in management
(n=151) (Barboza et al., 2016). Other majors that were included in the study were
finance, accounting, marketing, economics, MBA, and all other majors were
bulked together and noted as other (Barboza et al., 2016). The results of this study
indicated that males and students that majored in finance showed higher levels of
financial literacy (Barboza et al., 2016). Another finding from this study showed
that there was a positive relationship between academic performance with
financial literacy (Barboza et al., 2016). The study noted that students who had
higher GPAs also showed higher levels of financial literacy (Barboza et al.,
2016). Although males showed higher levels of financial literacy, Barboza et al.
(2016) emphasize that financial literacy is a prevalent issue that needs to be
addressed among all students as the findings showed that the majority of the
questions were not answered correctly by all students. The study did not provide
further analysis regarding financial literacy among students based on their ethnic
background, first-generation, or family income. This study’s findings emphasize

the need to continue assessing financial literacy among a larger participant pool of
diverse students while taking into consideration students' intersectional identities,
such as first-generation and low-income.
The findings from the aforementioned studies provided insight into the
financial knowledge of college students, as well as brought to light the limitations
that were consistent across multiple studies. Consistent with the previous studies
(Chen & Volpe, 1998; Chen & Volpe 2002) the research did not integrate an
equitable pool of participants who were racially minoritized, first-generation
college students (Barboza et al., 2016; Chen & Volpe, 1998; Cude et al., 2006;
Xiao et al., 2014). Another limitation of all the studies (Barboza et al., 2016; Chen
& Volpe, 1998; Chen & Volpe 2002; Cude et al., 2006; Mandell, 2008; Xiao et
al., 2014) is that the majority of the participants were White, which does not
capture a holistic representation of financial literacy among a diverse pool of
college students. The methodology used in the majority of the financial literacy
studies was quantitative except for one study (Cude et al., 2006) that incorporated
a mixed-methods approach. Without incorporating a qualitative approach, the
previous studies do not provide opportunities for students to provide more in-
depth responses that could provide more insight with regards to the factors and
financial circumstances that impact college students' financial knowledge.
Additionally, the previously mentioned studies also did not include transfer
students or failed to identify this population altogether. These limitations
reinforce the need for future research to focus on the population of students who
have been historically excluded from the financial literacy literature, which are
first-generation, low-income transfer college students.
First-Generation, Low-Income Transfer Students
There are limited studies that examine financial literacy among first-
generation, low-income students as well as studies that focus on the transfer
student population. The study conducted by Eitel and Martin (2009) extends
previous research that focused on college students' financial knowledge which
included a large percentage of students who were the first in their family to go to
college (Mandell, 2008) by incorporating a mixed-methods approach. This study
focused on assessing the financial literacy needs of first-generation female college
students as it relates to persistence and degree completion (Eitel & Martin, 2009).
Participants in this study included 204 first-generation female college students
from one university (Eitel & Martin, 2009). The study utilized the 2006 Jump$tart
survey which has been primarily used in previous studies to assess the financial
literacy of high school students and in 2008 incorporated college students
(Mandell, 2008). Results from this study aligned with (Chen & Volpe, 1998;
Chen & Volpe, 2002) which showed that being White, in a higher undergraduate
class standing and older were correlated with having higher financial literacy
(Eitel & Martin, 2009). The study provided insight with regards to the experience
of first-generation women in college; however, the study does not provide a clear
answer with regards to whether or not the lack of financial literacy created
challenges for students to persist and complete their degrees (Eitel & Martin,
2009). Eitel and Martin (2009) stated:

Financial literacy education might relieve some of the pressure related to
daily financial struggles with increased resource management techniques,
but it is doubtful that increasing financial literacy alone would be anything
more than the graduation cure anticipated by some of the participants. (p.
626)
Eitel and Martin (2009) go on to mention, “many students felt that financial woes
and a miraculous onset of financial knowledge would occur when they received
the graduation cure” (p. 624). In this study (Eitel & Martin, 2009) the graduation
cure referred to participants who hoped that once they graduated any financial
distress they had would be healed. The study called attention to the need for
financial education and resources to be provided to students who have historically
not been included in such efforts as first-generation college students (Eitel &
Martin, 2009).
Expanding on the literature on first-generation college students' financial
knowledge, Annabi et al. (2018) incorporated first-generation females and male
participants. The study contributes to the literature that focuses on first-generation
college students and builds upon previous studies (Eitel & Martin, 2009). These
studies (Eitel & Martin, 2009) focused specifically on first-generation college
female students. Annabi et al. (2018) expanded the literature surrounding
financial literacy by focusing on reporting marginal effects that were not
previously included in studies (Chen & Volpe, 1998; Chen & Volpe 2002). The
study focused specifically on identifying factors that impact the financial
knowledge of college students and emphasizes the importance of including first-

generation low-income students (Annabi et al., 2018). Participants in the study
included 553 college students from a private college in the Northeastern United
States of which 66% were White, 18% were Latino, 2.7% were African
American, with the majority of the students from 18 to 22 years of age, and 29.6%
were first-generation (Annabi et al., 2018). Approximately 60% of the
participants were from the school of business and engineering, 52% worked on
average 20 hours a week and the majority of the students had a 3.0 GPA or higher
(Annabi et al., 2018).
When taking into consideration the intersection of being a first-generation
male student, the study suggests that they are less knowledgeable about
compound interest when compared to first-generation women students (Annabi et
al., 2018). Additional findings showed that first-generation college students were
less likely to understand the concept of numeracy questions when compared to
students that are not first-generation and who do not have a credit card (Annabi et
al., 2018). Based on these findings, Annabi et al. (2018) concluded “...that first-
generation students are less exposed to personal finance as they might be less
likely to discuss financial literacy with their parents who did not attend college”
(p. 362). With the population of first-generation students in the study at 30%,
there is more research that needs to be done to infer that the financial knowledge
among first-generation students is less than compared to other populations of
college students. With regards to limitations, the study lacked a good
representation of racial minority students, all participants attended a single
college, and the percentage of first-generation students was less than 30%.
The financial literacy of transfer college students has not been widely
researched. Many first-generation community college students are non-traditional,
meaning that they may be older, working multiple jobs, may be parents, or come
from a low-income household (Laanan, 2007). As such, they may not have the
availability to connect with their financial aid office or attend financial literacy
efforts that may be taking place on their college campus, which could contribute
to a lack of financial support and financial literacy. Starobin et al. (2013)
examined the financial literacy of transfer and non-transfer college students in a
research university in the Midwest. The study implemented a 43-item survey that
integrated questions about “...life before college, parental influence, current life
position, financial knowledge, financial behaviors, financial aid and loans, credit
behaviors, financial well-being, demographics, and working experience among
college students” (Starobin et al., 2013, p. 220). Background characteristics
revealed that 96% of the participants of 547 identified as White, more than 60%
were males, and the majority (70%) of the students had a GPA of 3.0 to 4.0
(Starobin et al., 2013). Of the 547 total participants, 20% were transfer students
(Starobin et al., 2013). When taking into account gender and transfer status,
results showed that female students had higher scores than males in the category
of financial well-being (Starobin et al., 2013). Transfer students, however,
showed lower financial well-being scores than non-transfer students (Starobin et
al., 2013). When looking at the prediction model for academic achievement, the
results indicated that financial well-being was correlated with an increase in GPA
(Starobin et al., 2013). However, when taking into account financial social
learning opportunities, transfer status, monthly income, and financial behavior,
those factors were not statistically significant (Starobin et al., 2013). Some of the
limitations of the study were that the majority of the participants were White and
represented a low percentage of transfer students (Starobin et al., 2013). The
study did not capture first-generation and low-income status, which are additional
limitations.
Financial Aid in Higher Education
The pursuit of higher education for many first-generation, low-income
transfer students could not be possible without financial aid (Chen et al., 2019;
Radwin et al., 2018). Though costly, higher education provides many
opportunities for first-generation students that support upward mobility and
contribute to being more competitive in a global economy (U.S. Department of
Education, 2015a). The National Center for Education Statistics (2019) highlights
the rising cost of tuition in recent years:
For the 2016–17 academic year, annual current dollar prices for
undergraduate tuition, fees, room, and board were estimated to be $17,237
at public institutions, $44,551 at private nonprofit institutions, and
$25,431 at private for-profit institutions. Between 2006–07 and 2016–17,
prices for undergraduate tuition, fees, room, and board at public
institutions rose 31 percent, and prices at private nonprofit institutions rose
24 percent, after adjustment for inflation. (p. 1)
Federal, state, and institutional grants along with support opportunities are critical
to the advancement of college students that come from racially minoritized and
lower-income families (Mundel, 2008). As of 2017-18, there were 7.1 million
low-income college students that received Federal Pell Grants totaling
$36,235,408.00 (U.S. Department of Education 2020a). Financial aid is critical
for the continual advancement of students to enter and continue with their
aspirations of graduating from higher education institutions (Moline, 1987).
Along with an increase in Federal Pell Grant recipients, across higher
education institutions, there is also an increase in loans and student debt (Lin et
al., 2019). From 2009 to 2018 student loan debt has almost doubled to over $1.3
trillion (Annabi et al., 2018). Fry et al. (2014) note, “Among 2011-12 graduates
who took out student loans, the typical amount borrowed was $26,885” (p. 10).
The 2018 National Financial Capability Study surveyed 27,091 American adults
from across the United States, approximately 500 adults per state participated in
the survey (Lin et al., 2019). Of the adults that participated, approximately 3,250
were young adults ranging from ages 18 to 24 (Lin et al., 2019). Among the
young adults that have repayment of loans due, 42% indicated submitting late
payments at least once in the previous year (Lin et al., 2019). The study further
indicated that student debt holders with an income of less than $25,000 and
identified as African-American, Hispanic, or other on the survey have a higher
likelihood of submitting loan payments late than other ethnicities (Lin et al.,
2019).
Understanding repayment plans and payment options college students
have after they receive their bachelor's degree is of the utmost importance. The
consequences of defaulting on federal loans can have a detrimental outcome on

college students' credit, can impact future loans, could have their wages
garnished, and the federal government could seize their federal income tax
refunds and other federal benefits (Association of Community College Trustees,
n.d.). The impact of defaulting on federal student loans goes further than solely
impacting the individual who defaulted, as the higher education institutions could
also face sanctions that could result in losing Title IV federal funding programs
such as federal loans and the Pell Grants (Association of Community College
Trustees, n.d.).
Additionally, the U.S. Department of Education (2015a) noted that “while
graduating with high levels of debt is holding too many borrowers back from
reaching their full potential, the even more damaging outcome is for students who
take on debt but never complete their degree”. Gonzalez et al. (2019) emphasized
national loan debt in The Institute for College Access & Success:
Nationally, about two in three (65%) college seniors who graduated from
public and private nonprofit colleges in 2018 had student loan debt, the
same share as the Class of 2017. Borrowers from the Class of 2018 owed
an average of $29,200, a 2 percent increase from the average of $28,650 in
2017. (p. 4)
The Institute for College Access & Success (2019) emphasized that Federal Pell
Grant graduates, most of which had family income under $40,000, were more
inclined to borrow loans and to borrow more than non-Federal Pell Grant
recipients. The Institute further notes that “84 percent of graduating seniors who
ever received a Pell Grant had student loans, compared to 51 percent of those
who never received a Pell Grant” (The Institute for College Access & Success,
2019, p. 2). On average, Federal Pell Grant recipients who borrowed loans
graduated with an estimated $31,200 in loan debt, which is $4,500 more than the
average loan debt of $26,700 among non-Federal Pell Grant recipients (The
Institute for College Access & Success, 2019).
When considering federal student loan default rates, only 5% of students
who enrolled in college in 2003-04 and earned a bachelor’s degree had defaulted
on their loans within 12 years when they started college (Gonzalez et al., 2019).
Even though federal student loans are a good investment toward a college
student’s future, some students that pursue a bachelor’s degree have a more
challenging time paying back loan debt (Gonzalez et al., 2019). Students who are
more likely to default on their federal student loans are African American
students, Federal Pell Grant recipients, first-generation college students, and those
who attend colleges that are for-profit (Gonzalez et al., 2019). Default rates have
also been correlated with students' college completion rates as noted by the U.S.
Department of Education (2015a), which emphasizes that states with the highest
default rates for four-year colleges were more likely to have lower completion
rates than states with lower default rates.
Impact of Financial Aid
With an increased awareness of the importance of pursuing an advanced
degree, many first-generation, low-income transfer students continue to face the
challenges of paying for tuition, housing, and personal expenses that in turn
impact their academic success (U.S. Department of Education, 2015a). As tuition

continues to rise, the challenges that first-generation college students face become
more stringent, especially with an increase of non-traditional students that face
challenges with financial aid and budget allocation (Dubick et al., 2016).
Lack of Resources and Employment. The lack of resources on higher
education campuses amplifies the concerns that students are already experiencing.
Kelchen & Goldrick-Rab (2015) state, “inequalities in college opportunities is
linked to intertwined financial and academic difficulties affecting students with
few resources” (p. 200). Many community college students who work part-time
may also be working to help them pay for college (Goldrick-Rab, 2010). Working
while attending college part-time may impact a student’s ability to continue being
enrolled in half-time enrollment and if they drop below half-time they will not be
eligible for financial aid (Goldrick-Rab, 2010). Students who lack resources may
take a second job to alleviate fiscal gaps that their financial aid is not covering
which, in turn, impacts their time to study and could harm their academic success
(Engle et al., 2006).
Moreover, The Advisory Committee on Student Financial Assistance
(ACSFA, 2008) notes that the increased financial concerns of first-generation
transfer students can contribute to an increased pressure to work which takes time
away from coursework. Additionally, transfer students may also have additional
financial responsibilities such as childcare, rent, and out-of-pocket living
expenses that their financial aid award letter does not cover (ACSFA, 2008). With
regards to school supplies such as textbooks, transfer students face an added
disadvantage that impacts their academic success since community colleges may
not have the extensive resources that four-year institutions provide (ACSFA,
2008). Many students who are paying for college with financial aid find it
difficult to cover the cost of transportation, books, and other educational expenses
(Engle et. al, 2006).
Additional research by the Hope Center confirmed that thousands of
community college students experience financial hardships even when students
secure some form of employment (Goldrick-Rab et al., 2019). In the
#RealCollege survey that was administered to 86,000 undergraduate students, an
overwhelming percentage of the students experienced basic needs and housing
insecurity (Goldrick-Rab et al., 2019). The survey noted that among students that
worked while in college, 68% of students experienced food insecurity, 69%
encountered housing insecurity, and 67% were impacted by homelessness
(Goldrick-Rab et al., 2019). Even more striking is that 24% of students who were
housing insecure were also working more than 30 hours per week (Goldrick-Rab
et al., 2019). The results of the #RealCollege survey further illustrates the high
rates of students that continue to be impacted by a lack of financial resources and
support, even considering that many are working 30 or more hours each week
(Goldrick-Rab et al., 2019).
Insufficient Financial Aid. In a study conducted by the Pell Institute, 135
first-generation student participants revealed that the financial problems they
faced were less related to the process of awarding financial aid and more related
to the amount of financial aid awarded and the students feeling as though their aid
was not enough to cover the cost of college (Engle et al., 2006). Even though
first-generation students may have more financial needs, they receive the same
amount of financial aid as their peers (Engle et al., 2006). There is a gap in
funding for first-generation college students that is approximately $1,000, even
after they are awarded loans (Engle et al., 2006). When taking into consideration
four years of college, the amount of need adds up to a $4,000 financial gap that
first-generation college students will have to fill (Engle et al., 2006).
Moreover, a study conducted by Gard et al. (2012), focused on capturing
the perceptions of low-income transfer students that were on their path from
community college to a university and found that the majority of participants
shared financial aid concerns. When asked about challenges experienced in their
transition to a university, one student expressed feeling shocked by the price
difference between the community college and university (Gard et al., 2012). In
addition to the current financial concerns, when asked about procedures, policies,
or practices that impacted their transition to the university and financial barriers,
students mentioned the drastic difference between the cost of community college
and university (Gard et al., 2012). Additionally, students also noticed the
difference in funding from the Pell Grant as the award differed based on their
enrollment in the community college and university (Gard et al., 2012). Students
did not understand why the funding they received at the university was less than
what they received while in college since the cost of attendance was significantly
higher at the university (Gard et al., 2012). Students also shared that the gap
created by increasing costs and declining financial aid added to the anxiety they
felt in transferring to the university (Gard et al., 2012).

In a study conducted as part of the University of California’s efforts to
better understand food insecurity, the University of California at Los Angeles
(UCLA) conducted a study that entailed 11 focus group interviews across
various student subpopulations. The purpose of the study was to shed light on the
impact that the financial aid cost of attendance had on the students’ ability to
have enough aid to support their food security (Watson et al., 2017). Feedback
from students stressed the high cost of tuition and fees, housing, food, books, and
supplies, as well as personal expenses, were the main cause of food insecurity
among their peers and themselves (Watson et al., 2017). Many of the students
expressed concerns about the possibility of not having enough money to cover
medical and emergency expenses they may have not accounted for (Watson et
al., 2017). According to the UC Office of the President (2017), the problem of
the increased cost of attendance is more prevalent in California as the state has
some of the highest costs of living in the country. The urban location of UC
campuses has created a multitude of challenges for students as the cost of living
has drastically increased over the years (UC Office of the President, 2017).
Furthermore, many of the students at UC campuses indicated that the
financial aid they were awarded was not enough to cover their living and
educational expenses (UC Office of the President, 2017). This caused students to
experience financial concerns and contribute to housing and food insecurity.
Along with financial concerns, the lack of financial aid contributes to stressors
and in many cases first-generation, low-income students will take on a second
job, working over twenty hours a week to help them pay for expenses that their
financial aid could not cover. According to Moon Johnson (2014), “with the lack
of financial support for low-income students, many basic needs such as food,
dental care, and health care—specifically for dependents of students and
transgender students- are not met” (p. 140).
Student Loans and Debt. The UCLA study led by Watson et al. (2017)
also shed light on the topic of federal student loans and the viewpoints of some
students who were not as inclined to accept loans due to the burden to pay loans
after graduation compared to those who accepted all their student loans. In a
report by the Institute for Higher Education Policy and Excelencia in Education,
Cunningham and Santiago (2008) highlighted the factors that may impact a
student’s decision to not accept loans, such as refusing to take out loans to pay
for college expenses even though they have financial need and opting to use
credit cards or private loans to pay for college. A student’s decision to not accept
loans could involve a lack of knowledge about not filling out the Free
Application for Federal Student Aid (FAFSA) (Cunningham & Santiago, 2008).
Family history is yet another aspect that could contribute to not accepting loans.
Another aspect that could influence a student’s unwillingness to accept loans
could be attributed to their parents’ perceptions of loans and lack of loan
awareness (Cunningham & Santiago, 2008). As noted by Cunningham and
Santiago (2008), “in 2003-04, Asian and Hispanic students were less likely to
borrow, even if they had substantial unmet need” (p. 6). These findings align
with previous studies that suggest students do not feel comfortable accepting
loans to pay for college expenses (Englet et al., 2006).

When analyzing current information from the National Center of
Education Statistics (2016), 33% of Black students who had received their
bachelor’s degree had also accrued up to $40,000 or more in student debt,
compared to 17% of White college graduates (College Board, 2019). Looking
further at the cumulative debt of bachelor's degree recipients in the 2015 and
2016 academic years, among students who graduated with debt levels of $40,000
and higher, 13% of Hispanics and 9% of Asian students accumulated that much
debt or higher (College Board, 2019). Looking further at the debt accumulated
by race and ethnicity of bachelor's degree recipients, the highest percentage of
students that graduated with no debt were Asian students at 41%, followed by
Hispanic students at 33%, White students at 30%, and Black students with 14%
of them graduating with no loans (College Board, 2019). The latest information
provided by the College Board (2019) aligned with previous research, indicating
that Hispanic and Asian students were less likely to accept loans in their pursuit
of a higher education degree.
The study conducted by Engle et al. (2006) brought to light the voices of
first-generation college students when it comes to their thoughts about student
loans and their impact on their lives. Many students in this study mentioned that
loans were the last resort and the number of loans offered to the students
surpassed the number of loans they thought they could realistically payback in
the future (Engle et al., 2006). A student pointed out (Engle et al., 2006):
Loans were an option I had to take these last two years of school. I’m not
even close to maxed, but they’re trying to give me more and I can’t take
any more. I don’t want anymore, I don’t want something I can’t pay back
and they’re like here’s some more. I was like I don’t want any more. My
family can’t afford it. (p. 36)
Additionally, Klepfer et al. (2019) highlighted the feedback provided by
students who took the Student Financial Wellness Survey in 2018. The survey
was implemented at 37 community colleges, 11 four-year private colleges, and
10 four-year public institutions in 20 states across the U.S. (Klepfer et al., 2019).
The Student Financial Wellness yielded responses from 17,500 undergraduate
students (Klepfer et al., 2019). When asked what methods they use to pay for
college, 42% of the students mentioned that they were paying for college with
student loans and 11% noted that their parents took out student loans to help
them with the cost of college (Klepfer et al., 2019). One in three of the
undergraduate students that participated in the Student Financial Wellness
Survey, mentioned accepting student loans indicated not receiving any form of
counseling about their loans and eight percent did not recall if they had (Klepfer
et al., 2019). As part of the federal loan acceptance process, students are required
to go through loan counseling to obtain an understanding of the process, and
interest rates tied to the loans, and learn about repayment options (Klepfer et al.,
2019). The lack of loan counseling that the college students reported reaffirms
the need for financial education to take place in colleges and higher education
institutions.
In addition to incorporating loan counseling that provides students with
information regarding federal student loans, there is a need to ensure students are
also receiving adequate knowledge pertaining to non-federal student loans. The
Institute for College Access & Success (2019) has stated that the burden of
student loans is impacted not only by the loan debt students take out, but also
more importantly by the type of loans. Non-federal student loans are by far one
of the riskier methods to pay for college (Gonzalez et al., 2019). Students that
accept non-federal student loans may be impacted significantly with the ability to
repay their loans as these types of loans do not offer similar protections or
repayment options as federal student loans (Gonzalez et al., 2019; U.S.
Department of Education, n.d.). According to the U.S. Department of Education
(n.d.) non-federal student loans may require undergraduate students to start
repaying loans while they are in school, they may also have fixed interest rates
that could be higher or lower depending on the student’s circumstances, and in
many instances may require students to have good credit or a co-signer to be
approved for a private loan. Gonzalez et al. (2019) go on to state, “additionally,
nationally representative data for 2016 graduates show that 14 percent of
bachelor’s degree recipients that year graduated with nonfederal loans, with
average nonfederal loan debt of $18,550)” (p. 17). For students that accept non-
federal student loans, they may ultimately end up paying a significant amount
more than the amount accepted due to the interest rate of the loan (Gonzalez et
al., 2019). As of 2019, private loans from banks and lenders offered to
undergraduate college students offered loans with an interest rate as high as
13.99% versus 4.5% for federal student loans (Gonzalez et al., 2019). For first-
generation, low-income transfer students who may be unfamiliar with the

intricacies of non-federal private loans, may end up accepting loans with higher
interest rates or possibly pursuing these loans as opposed to federal loans if they
do not have the sufficient knowledge to make informed decisions about the loans
they accept.
Financial Education Initiatives
Institutions of higher education have made efforts to meet the needs of
college students on their campuses, but so often focus heavily on the financial aid
funding they award students and seldom keep pace with the increase in
educational expenses resulting in leaving the student with a gap of need they need
to figure out how to cover (Klepfer et al., 2019). To address and provide
opportunities for financial literacy to first-generation, low-income students, a
provision was enacted by federal policymakers to the 2008 Higher Education
Opportunity Act that mandated TRIO programs (Talent Search, Educational
Opportunity Centers, Upward Bound, among five others) to incorporate financial
literacy in their programs (Yang & Kezar, 2009).
Moreover, as of August 2008, TRIO programs started to embed financial
education in the support services provided to students (Yang & Kezar, 2009). A
couple of months before the mandate to incorporate financial education, Yang and
Kezar (2009) released a policy brief that highlighted the lack of financial
education in both high school and college TRIO Programs. With more than 1,400
TRIO programs across the country, 51% of the programs offered financial
education, and of those services offered only 36% of the students were required to
participate (Yang & Kezar, 2009). Additionally, 86% of the TRIO programs that
do not offer financial education showed interest in providing financial education
to their students (Yang & Kezar, 2009). In college programs that offer financial
education, the services offered were in the form of optional one-on-one and group
workshops (Yang & Kezar, 2009). Of the TRIO programs that offer financial
education programs, Yang and Kezar (2009) noted that less than half of them
evaluate the effectiveness of such programs. Based on the information that was
uncovered from the policy briefing, TRIO programs were not effectively
providing financial education to all first-generation, low-income students enrolled
in their programs (Kezar & Yang, 2010).
Research shows that some higher education institutions provide optional
financial education programs such as a freshmen orientation program, a seminar
University 101 course, a personal business course, or financial aid advisors
providing financial counseling that cover loan entrance and exit interviews (Kezar
& Yang, 2010). Although some campuses provide financial education efforts, not
all higher education institutions have implemented efforts to increase the financial
knowledge and access to resources for first-generation, low-income transfer
students (Kezar & Yang, 2010). In light of increased federal student loans, the
credit cards used to pay for college costs, and the low financial knowledge of
first-generation, low-income transfer students, it is critical for colleges to monitor
financial wellness closely and implement educational programs that aid with
increasing financial knowledge (Eitel & Martin, 2009; Kezar & Yang, 2010;
Klepfer et al., 2019). It is important to incorporate financial education into the

college curriculum as students are moving away from parental dependence to
having more financial independence and self-sufficiency (Xiao et al., 2014).
The literature surrounding best practices to increase college students’
financial knowledge falls into five categories: college courses in financial literacy,
co-curricular integration via first-year orientation programs, financial counseling
centers, educational in-person workshops, and online financial management
resources (Annabi et al., 2018; Cude et al., 2006; Eitel & Martin, 2009; Kezar &
Yang, 2010; Goetz et al., 2011; Klepfer et al., 2019). Annabi et al. (2018) present
several approaches to delivering financial education programs to college students,
such as promoting financial literacy workshops and school-wide finance classes
specifically focused on reaching out to first-generation, racially minoritized,
female, and non-business students. Cude et al. (2006) have recommended
incorporating financial awareness by providing educational sessions during
freshman orientation. This would allow for the development of a place where
students and their families could receive resources along with financial awareness
information about budgeting, credit card management, and security (Cude et al.,
2006). In another study led by Starobin et al. (2013), it was recommended for
higher education institutions to implement a longitudinal study to take into
consideration students’ financial aid status and academic progress and provide
outreach to parents regarding federal PLUS loans. Starobin et al. (2013)
recommended universities continue to provide financial literacy support services
for college students to expand their financial knowledge, which was in alignment
with previous studies (Annabi et al., 2018; Cude et al., 2006; Eitel & Martin,
2009).
The majority of financial literacy research studies present approaches to
integrate financial education programs across higher education institutions;
however, they lack empirical research that shows the effectiveness and impact of
such recommendations (Goetz et al., 2011). A study led by Britt et al. (2015),
examined what factors impact college students’ stress levels and after receiving
support from a financial counseling center, they assessed the impact of that
support on students’ financial knowledge, stress, attitudes, and behaviors. The
study also sought to determine the effectiveness of an on-campus financial
counseling center at a college in the Midwestern university (Britt et al., 2015).
The counseling center in the study provided free peer-based support and all of the
students who visited the center voluntarily (Britt et al., 2015). The participants in
the study included 675 college students who received free financial counseling
(Britt et al., 2015). The majority of the students that participated in the study were
White students with a low percentage of Hispanic, Black, Asian, and first-
generation students. The results of the study showed that “The only financial
resource that had a significant impact on financial stress was the amount of
student loan reports” (Britt et al., 2015, p. 179). The higher loan debt that students
had increased their stress levels (Britt et al., 2015). The results of the follow-up
survey that assessed the effectiveness of financial counseling showed that there
was “...a statistically significant association with changes in objective financial
knowledge as it relates to credit reports and investments, subjective financial

knowledge, financial satisfaction, financial anxiety, and awareness of money
owed” (Britt et al., 2015, p. 181). The study further emphasized that financial
counseling increased the financial knowledge of students, they were more
satisfied and felt less anxious about their financial circumstances (Britt et al.,
2015). Although the study did provide insight with regards to the impact of
financial counseling among college students, there is a need to expand the
participants to incorporate a larger sample of racially minoritized, first-generation
students.
A study conducted by Goetz et al. (2011), “...examined associations
between students’ characteristics and their interest in three financial education
delivery methods: a counseling center, online, and workshops” (p. 38). The results
of the study indicated that out of 509 undergraduate students who participated in
the study, the students showed a stronger interest in online financial resources,
followed by workshops, and the financial counseling center (Goetz et al., 2011).
When taking into consideration students' personal characteristics, African
American students showed a higher interest in going to a campus-based financial
counseling center (Goetz et al., 2011). The study further noted that students who
had more debt were interested more in online resources whereas students who
indicated they had participated in a personal finance class and/or managed their
money well, expressed more interest in an on-campus financial counseling center
(Goetz et al., 2011). Based on the findings from the study, Goetz et al. (2011)
recommend higher education institutions consider implementing all three
financial delivery methods to have the greatest impact on students' financial

knowledge and well-being. The majority of the students who participated in the
study were White students, with a small sample size of students who were African
American or identified as others on the survey, which presents some limitations of
the findings (Goetz et al., 2011). There is a need to expand research that examines
other methods beyond the three that were presented in the study by Goetz et al.
(2011) and to increase the number of underrepresented students as well as first-
generation, low-income transfer students.
Furthermore, practitioners and researchers at UC institutions have
identified programs and services that may aid with the advancement and success
of transfer students to obtain the capital needed to connect with resources and
programs at the institution (President’s Transfer Action Team, 2014). Such
programs that were recommended included summer bridge programs, transfer
student orientations, transfer centers, on-campus housing, peer mentoring, transfer
credit evaluations, transfer financial literacy workshops, and transfer scholarships
(Miller, 2013; President’s Transfer Action Team, 2014). To address the unique
challenges and provide first-generation, low-income transfer students the
resources and services to support their advancement and retention efforts, the
University of California emphasizes the importance of summer bridge programs
by indicating that “summer bridge programs are an effective way to establish
early and frequent engagement between students and the University'' (President’s
Transfer Action Team, 2014, p. 35). UC’s summer bridge programs provide
students with a head start to get acclimated to the university culture and serve as a
means for students to get introduced to academic, research, and financial aid
services (President’s Transfer Action Team, 2014). With the limited amount of
empirical research and studies that focus on financial literacy and the financial
knowledge of first-generation, low-income transfer students, it is critical to
continue advancing research in this realm and research the impact of UC summer
bridge programs as it pertains to students' financial literacy and understanding of
financial aid systems.
Conclusion
Key findings from the literature review revealed that there are limitations
as well as opportunities for growth in the current research on financial literacy,
financial awareness, and financial education efforts. Gaps in the literature that this
study will address include gaining a better understanding of the experiences and
perceptions of first-generation, low-income, transfer students as they navigate
financial aid systems at their home institution. Employing a social cognitive lens,
this study focuses on first-generation, low-income community college transfer
students’ experiences pertaining to their financial aid awareness, financial
literacy, as well as their knowledge, and potential utilization of financial aid
support services. It is important to emphasize the need for further research that
interrogates the lived experiences of students who have not been historically
included in the financial literacy literature. By addressing the two main questions
in this study: 1) How do first-generation, low-income students who participated in
the Summer Transfer Transition Program (STTP) describe their experiences
navigating higher education financial aid systems, describe their financial aid
awareness, and financial literacy after attending the program? 2) In what ways did
the Summer Transfer Transition Program (STTP) impact the students’ financial
aid attainment and utilization of financial support services on campus? This study
will add to the current research surrounding the impact of policies tied to financial
literacy, financial aid, transfer pathway, and financial education efforts at higher
education institutions with the aim of contributing toward increasing access and
opportunities for first-generation, low-income transfer students.
This chapter provided an overview of the literature review surrounding
first-generation, low-income, transfer students and the impact that financial aid, as
well as financial literacy, has on the student population. In the following chapter, I
will provide insight into the epistemological perspective that informed the study
design. Following the research design, I provide information regarding the
participants in this study. I further outline details regarding the setting of the
study, and how the data was collected as well as discuss issues of trustworthiness
related to the study. Moreover, I share ethical considerations to ensure that the
study is adhering to moral standards and protects the participants. Lastly, I
address the limitations of the study.

Chapter 3
Methodology
The purpose of this study is to understand the impact the EOP Summer
Transfer Transition Program had on EOP participants' understanding of financial
aid awareness, financial literacy, and willingness to seek financial support
services on campus. The theoretical frameworks guiding this study are the social
justice framework (Bell, 2016) and Bandura’s social cognitive theory (1989).
Moreover, this study integrates a constructivist epistemological paradigm.
This chapter reviews the epistemological perspective that informed the
study design and describes the narrative approach guiding the research. The
chapter also provides an overview of the study participants. Also highlighted are
details of the study setting, how data collection is, as well as issues of
trustworthiness pertaining to this study. Also discussed are ethical considerations
to ensure that the study adheres to ethical standards and protects the participants.
Lastly, the limitations of the study are addressed.
More specifically, this study is guided by the following research questions:
1) How do first-generation, low-income students who participated in the
Summer Transfer Transition Program (STTP) describe their experiences
navigating higher education financial aid systems, their financial aid
awareness, and financial literacy after attending the program?

2) In what ways did the Summer Transfer Transition Program (STTP) impact
the students’ financial aid attainment and utilization of financial support
services on campus?
Epistemological Perspective
This study is guided by a constructivist epistemological perspective
(Wadsworth, 1996). Constructivism has a rich history that has existed for over
seventy years and has received considerable attention from educational
practitioners (Henry, 2002). Constructivism is a learning epistemology that was
founded in psychology and postulates how people acquire knowledge and how
they learn (Bada & Olusegun, 2015). Constructivism emphasizes that students
have a wealth of prior experiences that they bring with them, including
knowledge, and beliefs they use to construct their understanding of the world
around them (Jones & Brader-Araje, 2002). Magoon (1977) further states that:
The constructivist perspective holds as a chief assumption about much
complex behavior that the ‘subjects’ being studied must at a minimum be
considered knowing beings, and that this knowledge they possess has
important consequences for how behavior or actions are interpreted.
(pp. 651-652)
Constructivists view humans as observers, participants, and agents who play an
active role in creating and transforming the patterns that contribute to their
realities and are unique to each person (Reich et al., 2009).
Constructivism integrates concepts of learning from pioneers in the field
ranging from the work of Piaget, Vygotsky, and Dewey (Reich et al., 2009).
Within the paradigm of knowledge acquisition, Piaget emphasized that there are
three kinds of knowledge: social knowledge, physical knowledge, and logical-
mathematical knowledge (Wadsworth, 1996). Social knowledge encompasses
knowledge that is attained through cultural or social groups, such as laws, values,
and ethics (Wadsworth, 1996). Physical knowledge refers to knowledge that is
acquired through actions onto objects which result in children discovering and
constructing their insights about a given object (Wadsworth, 1996). Logical-
mathematical knowledge refers to insights that are gained from mental or physical
actions that involve the construction of relationships that a child may learn from
after they take action on objects (Wadsworth, 1996). Along with the acquisition of
knowledge, Piaget asserted that cognitive development was a result of mental
structures also known as schemata (Wadsworth, 1996).
Vygotsky added to the breadth of constructivist knowledge by expanding
the concept of learning to integrate a more sociocultural orientation to
constructivism (Reich et al., 2009). Hausfather (1996) emphasized that
Vygotsky’s approach integrated three components: (1) one of the best ways to
understand how the mind works is to look at how it changes, (2) social activity
contributes toward higher mental functions, (3) higher mental functions are
mediated by signs and tools. Vygotsky affirmed that child development was a
complex process between the child and social surroundings (Hausfather, 1996).
With that in mind, Vygotsky concluded that social environments play an
important role in the development of a child and that after learning from their
environments, the child would be able to perform independent tasks (Hausfather,
1996).
Adding to the body of knowledge on constructivism, Dewey believed that
humans constructed their life realities through experiences and their responses to
real-life problems contributed to their life worlds (Reich et al., 2009). The real-
life experiences and problems that individuals face contribute to the development
of hypotheses, imaginative visions, and theoretical explanations (Reich et al.,
2009). According to Dewey, these methods can be incorporated by individuals to
solve problems (Reich et al., 2009). Dewey emphasized that problem-solving
needed to be tested in practical applications to ensure that the real problems and
proposed solutions on behalf of people incorporated tools and procedures (Reich
et al., 2009). Dewey further noted that the problems that people face need to be
assessed via cultural content that is acquired in educational settings (Reich et al.,
2009). Additionally, he noted that thoughts are developed through experiences
and they contribute to how people learn about themselves and the world around
them (Reich et al., 2009).
Within educational settings, constructivism is an approach that has been
implemented in teaching and learning with the notion that learning is the result of
mental construction (Bada & Olusegun, 2015). Based on this notion, students
learn by incorporating new information with what they may already know (Bada
& Olusegun, 2015). Taking into consideration the notion that constructivism, at
its core, focuses on learning, one way to promote student learning is to create
learning environments that directly provide avenues for the learner to be exposed
to the material (Bada & Olusegun, 2015). It is with this epistemological lens that
my study takes into account and recognizes that first-generation, low-income,
transfer students are holders of knowledge; bring with them rich experiences, and
they acquire knowledge through their interactions with the world around them.
Research Design
This study is guided by a narrative inquiry methodology that explored the
perceptions and experiences of student participants in the Summer Transfer
Transition Program. The study focused on uncovering if the STTP program
impacted the participants' financial aid awareness, financial literacy, and
utilization of financial resources at Central Coast University. In determining the
type of design selected for this study, I considered the following factors as
outlined by Creswell et al. (2007): the audience, my previous experiences and
knowledge of qualitative designs, and my comfort level with qualitative or
quantitative research.
In addition to considering my familiarity and experience with various
research approaches, I also thought about Central Coast university and the STTP
program when determining what type of approach might align with their practices
and preferences. It was important to select a narrative research design for this
study as it provided an opportunity for the participants to actively engage and
share their personal experiences during the interview process.
A narrative research design is a qualitative method that the researcher
utilizes to describe, tell stories about peoples’ lives, and write about their
experiences (Creswell, 2018). Instrumental writers that advanced the

methodology of narrative research include Polkinghorne (1988), Connelly and
Clandinin (1990), and Bruner (2002). According to Polkinghorne (1988), the term
narrative refers to “..the process of making a story, to the cognitive scheme of the
story, or to the result of the process- also called ‘stories,’ ‘tales,’ or ‘histories’”
(p.13). Polkinghorne (1988) further noted that narrative is a key scheme for
connecting individual human actions and incidents into interwoven aspects to gain
a better understanding of what occurred.
Narrative research provides an opportunity to capture the lived
experiences of first-generation, low-income, transfer students such as how they
viewed and navigated financial aid systems. Within the context of this study, the
narrative approach also provides an opportunity for students to share their
personal stories as it relates to their prior and current experiences at the university
they attend. To gain a better understanding of first-generation, low-income
transfer students, there is a need to listen to their stories individually and as a
collective from their perspective (Kim et al., 2016). It is important to understand
the students' stories and to honor the plethora of knowledge established from their
lived experiences (Kim et al., 2016). Some elements that narrative research will
capture include their reflections on their lived experiences in the summer transfer
program, insights they may have gained, and an opportunity to share thoughts and
reflections on what may have contributed to their views on financial literacy,
financial awareness, and financial aid attainment.

Research Population and Sample
At Central Coast University, approximately 40% of the undergraduate
student population are first-generation students, and 36% of students are EOP
students (first-generation and low-income). It is important to evaluate the EOP
Summer Transfer Transition Program (STTP) and provide an opportunity for
students in the EOP program to share their lived experiences and share their
thoughts and insights as they are a growing population in higher education
institutions. With approximately 36% of first-generation that are in the EOP
program, providing an opportunity for students to share their lived experiences is
critical to ensure that students' voices are heard, acknowledged, and highly valued
in higher education institutions and society.
For purposes of this study, a purposeful sampling of first-generation and
EOP students serving an undergraduate student population of 23,000 students was
utilized to select the participants to better understand the central phenomenon of
financial aid awareness and literacy (Creswell, 2018). Padilla- Díaz (2015) has
stated that “purposive sampling is characterized by the incorporation of specific
criteria met by the participants at the moment of selection” (p. 104). In recruiting
participants for this study, email correspondence was sent to the EOP Director at
Central Coast University for departmental approval to send an email invitation to
the students who completed the program during the Summer of 2018, 2019, 2020,
and 2021. To ensure confidentiality of the university setting, Central Coast
University was the pseudonym utilized. The EOP department assisted with
identifying the student population and sending emails to the participants. The
diversity of the study population was also considered when vetting the
participants for this study. The parameters for participants’ recruitment included
the selection of 10-15 participants that were admitted to Central Coast University
and who successfully completed the STTP program.
Setting
The setting of the study was Central Coast University, which is a large,
public, tier-one research university serving an undergraduate student population
of 23,000 students. The study site where data was collected involved the
university’s EOP office as it recently implemented a summer transfer program for
first-year, low-income students. Federally designated as a minority-serving
institution, Central Coast University is both a Hispanic Serving Institution and an
Asian American, Native American and Pacific Islander Serving Institution. As
emphasized by Fraser (2004) before conducting the interviews, I considered the
demographics at Central Coast university where the study took place, and transfer
students that were admitted to the university. Aspects of the university that I took
into consideration were how many first-generation, low-income transfer students
the university admits, as this is the population of students that will be invited to
participate in my research study. Also considered was whether the university
provided a summer bridge program for incoming new transfer students that were
first-generation and low-income.

Data Collection
Recruitment of Participants
Once I received approval from the Institutional Review Board (IRB) from
both the sponsoring university and the university where students were recruited, I
followed up with the EOP department to ask for my invitation email to be sent to
participants that attended the STTP program during the summer of 2018, 2019,
2020, 2021. As a student affairs professional who works in the EOP department, it
was important for me to ensure that EOP leadership gave their consent to conduct
my research study at their site.
After receiving EOP leadership approval, the following email was sent by
the department (see Appendix A) to all participants who participated in the EOP
Summer Transfer Transition Program. The email message described information
about the study which included the purpose, the role of the participant in the
study, information about the protection of the identity of the participants,
mentioned the time commitment of the study, and ensured that it is clearly stated
that participation in the study is voluntary (Creswell, 2018). To establish trust and
a sense of genuineness with the study participants, the message was written in a
warm tone and incorporated welcoming language. After the participants agreed to
partake in the study, they were emailed a consent form. Obtaining consent was
critical to ensure that the participants were well informed about the study and that
their participation would be voluntary. The participants were informed that they
could sign electronically, scan, or photograph the consent form and email it back.
In preparing for the meetings with participants, Fraser (2004) has suggested that
the researcher consider the following when conducting a qualitative interview:
consider responding to the various communication styles of participants; be less
intrusive with regards to the questions being asked; be mindful of participants
time allocated towards the research study; establish a trusting environment; and
provide space for participants to ask questions in conjunction to being thoughtful
of how to respond to their questions.
Semi-structured Interviews
Before starting the interview, I thanked the participants for their
willingness to agree to the interview and referenced the consent form that I had
emailed the participants that provided information about the purpose, discussed
how the information provided would be kept confidential, and asked for
permission from the participants to record the interview. Each interview with
participants was approximately 30 minutes to 1 hour in length. An interview
protocol (see Appendix B) was used and field notes were taken during the
interview process to review and reflect on the answers provided by the
participants. The interview protocol consisted of eight open-ended questions
(Creswell, 2018). An audio recorder was utilized during the interview to ensure
that I accurately documented the exact responses from the participants. In the
event that in-person interviews were not possible, Google Voice or Zoom was
utilized to interview the participants. With the use of either Google Voice or
Zoom, recording took place via the application used.
During the interview process, I was thoughtful about writing minimal
notes to closely listen and pay attention to the participant as they shared their
story (Creswell, 2018). Establishing a trusting relationship is essential for the
relationship between participant and researcher (Kornbluh, 2015). In an effort to
foster genuine and equitable relations with participants, Kornbluh (2015) has
recommended visiting the setting, engaging with participants in informal
conversations, and leaning in with curiosity in an authentic way and to show how
much they value the participants' experiences and sharing of their expertise. Since
my meetings with participants took place virtually via Zoom and Google Voice to
adhere to university guidelines of social distancing due to the COVID-19
pandemic, the recommendations by Kornbluh (2015) were not possible to
implement. I did, however, try to connect with the participants by showing a
genuine interest in how they were doing by starting the interview in a more
conversational way and keeping my camera on in hopes of conveying my
authentic self. To establish trust during the interview, I drew from the Skilled-
Helper counseling approach (Egan, 2010). As part of my approach, I engaged
with the participants in a humanistic way while conveying a genuine interest
during the interview process. Egan (2010) emphasizes the importance of helping
others through counseling by stating, “effective helpers know that helping is
diversity-, culture-, and relationship-oriented” (p. 96). It is important to clarify
that although I incorporated a counseling approach framework, I did not offer
advice, guidance, or counseling during or after the interview process. My role as
the researcher was to build trust, ask questions, and listen.

Data Analysis
During the data analysis stage of my research, I made use of a
combination of six steps in analyzing and interpreting qualitative data as outlined
by Merriam and Tisdell (2016) while also incorporating techniques outlined in the
general inductive approach (Thomas, 2003). The six steps of the analysis process
presented by Merriam and Tisdell (2016) are: (1) gain a sense of the main purpose
of the study; (2) integrate an epistemological framework lens to review the data;
(3) code the data utilizing an open coding method; (4) reflect on the data and the
main purpose of the study; (5) reflect on the emergent categories and themes to
check if they align with the overarching main purpose of the study; and (6)
develop main themes with the use of a comparative method. Since this study
relied on an inductive approach to the data analysis.
During the first step in analyzing the data, I reflected on the stories shared
by the participants and it helped me to gain a greater understanding of their stories
(Merriam & Tisdell, 2016). In this initial step, I also transcribed the audio
recordings verbatim with the use of transcribing software to ensure that all the
information was captured accurately. Verbatim transcriptions aim to provide an
accurate reflection of the information shared by each participant (Fraser, 2004).
After transcribing the interviews, I sent via email a copy of the transcription to the
participants to ask for them to review and share if there were any discrepancies in
the transcript to ensure that member checking took place. According to Merriam
and Tisdell (2016), member checking is a strategy that is incorporated to check
for credibility by following up with participants to ask them to verify the accuracy
of the information they shared during the interview process. I also followed up
with the participants via email and asked them to review the information they
shared to provide an opportunity for them to provide any additional information
they would like to add (Kornbluh, 2015). It was important during the transcription
review process to ensure that I was paying close attention to the data that I had
prepared to gain a greater insight into the stories shared by the participants
(Thomas, 2003).
Moreover, once the transcription process and member checking were
complete, I moved on to the process of uploading the transcripts to Dedoose, a
platform application used to analyze qualitative data. During this process, I took
some time to learn the various features that Dedoose offered to ensure I felt
comfortable analyzing the data on that platform. In addition to utilizing the
application Dedoose, I created a Google sheet that included the participants’
names, when the interview took place, and how the interview was conducted via
Zoom or phone as a means to keep track of which transcripts I had coded. It was
important to have a clear picture of the comments
shared by each participant so I made sure to print each transcript to have an extra
copy as a backup file (Thomas, 2003).
During the second step of my analysis of the data, I thought about the
constructivism lens that my study incorporated, and thought about how first-
generation, low-income transfer students acquired experiences and knowledge
from their involvement in the STTP program (Merriam & Tisdell, 2016).
During the third step of the analysis process, after I obtained a general
sense of the data collected through the interviews, I started to code the data in
Dedoose and sort through the categories that emerged. According to Saldaña
(2016), “A code in qualitative inquiry is most often a word or a short phrase that
symbolically assigns a summative, salient, essence-capturing, and/or evocative
attribute for a portion of language-based or visual data (p. 4). As I reviewed each
response provided by the participants, I utilized open coding by noting a word or
a phrase that had a relationship with the research questions (Merriam & Tisdell,
2016). During the coding process, I made sure to use color to distinguish between
codes that were emerging in the data. In addition to seeing the prevalent codes
emerge in Dedoose, I also make sure to transfer the codes to a Google sheet. I also
added a description and definition to codes that aligned with key terms that were
noted in Chapter 1, which provided some guidance as I continued with the coding
process.
As I continued with this process, I moved on to the second cycle of
coding, which entailed re-coding, sorting the data, and establishing categories
(Saldaña, 2016). The process of sorting through the data and generating categories
happened before solidifying the themes that emerged (Merriam & Tisdell, 2016).
I started to generate categories based on emergent patterns that I was noticing in
the data (Saldaña, 2016). As I was working through the coding process, I started
to see the organization and the data was becoming clearer. Throughout the coding
process, I paid close attention to the different spheres of experiences that were
present in the transcription such as interpersonal, cultural, and structural aspects

of stories that may be present or overlap with other aspects of stories that are
shared by the participants (Fraser, 2004).
Once the coding process was complete, I moved on to step four of the
analysis process which focuses on reflection. During this step, I reflected on the
data and on the main purpose of the study (Merriam & Tisdell, 2016). I started to
see the stories of the participants come to life through their detailed and in-depth
responses. I also incorporated strategies such as condensing some of the data into
an analytic memo and establishing links between the findings and the objectives
of the research from the data collected (Thomas, 2003). Throughout the analysis
process, I kept at the forefront of my mind how the participants' stories and
themes that emerged aligned with the purpose of the study.
Moving on to step five of the analysis procedure, which is to reflect on the
emergent categories and themes to check if they align with the overarching main
purpose of the study (Merriam & Tisdell, 2016). I took note of what I was seeing
in the data to ensure that I was taking into account the major words or phrases that
were standing out. As part of this process, I started to transfer some of the
keywords that were coming up, to prominent categories and worked on a themes
section to summarize some of the data for each of the emerging themes. A theme
can be described as a “...an outcome of coding, categorization, or analytic
reflection, but it is not something that is, in itself, coded…” (Saldaña, 2016, p.
15). I went back as recommended by Merriam and Tisdell (2016) to think big
picture and reviewed the transcriptions to look at what I coded during step three
of my analysis.
Step six of my analysis consisted of developing themes by taking into
account disconfirming evidence (Fraser, 2004). The procedure of disconfirming
evidence “...is the process where investigators first establish the preliminary
themes or categories in a study and then search through the data for evidence that
is consistent with or disconfirms these themes” (Creswell & Miller, 2000, p. 127).
After obtaining a better sense of the themes that emerged from the interviews, I
represented the findings through the narratives of the participants and analyzed
how the findings reflect or differ from the literature in the field (Creswell, 2018).
It was important to incorporate the stories and narratives shared by the
participants to illustrate the themes as I incorporated a narrative research design.
The themes presented brought to light the participants' lived experiences in the
STTP program and at their university. Once emergent themes were identified, I
reflected on how the themes intersected with Bandura’s social cognitive theory. A
further illustration of the analysis that took place in step 6, is included in Chapter
5 of my dissertation, where I discussed how my findings converge or diverge
from the existing literature.
Role of the Researcher
My experiences of being a first-generation Latina college student coming
from a low-income, single-parent household have shaped my experiences and
perspectives. My values stem from my upbringing and are a direct reflection of
the wisdom my mother shared with me. My mother paved the way for me to be
the person that I am today: compassionate, hard-working, and to carry myself
with integrity. Having the aspiration to have the goal of one day being the first in
my family to go to college was a way of survival. As Yosso (2005) states,
“Aspirational capital refers to the ability to maintain hopes and dreams for the
future, even in the face of real and perceived barriers” (p. 77). Aspiring to one day
go to college was a dream I had growing up. Seeing my mother work two jobs for
years and being able to provide for her family was the image I had engraved in
my memories. Hard work and humility are some of the qualities that I have come
to appreciate and admire in my mother. One of the biggest reasons why I went to
college is because I wanted to pursue opportunities that previous family members
did not have. In addition to the values I learned from my family, the Master of
Science in Counseling and Guidance program at California Lutheran University
taught me so much about the counseling field and challenged me to think
critically as a scholar-practitioner. Obtaining the Master of Science in Counseling
and Guidance gave me the knowledge and tools to start my journey in higher
education and be able to support and mentor first-generation underrepresented
students through the position I had as EOP Counselor. It was through my graduate
program that I was able to further develop my counseling skills and it further
supported my vision which is to work towards serving as a mentor, while
instilling ethical leadership, valuing diversity, and advocating for the
empowerment of students. Without the knowledge and skills, I acquired through
my master’s program, I would not have been able to advocate for students in the
same capacity.
In my 15 years of experience working in higher education, first at the
financial aid office as a financial aid advisor and now in my current position at
EOP as assistant director, students continue to mention the various financial
challenges they face. The issue that students continue to encounter is experiencing
a difficult time adjusting to the campus and transitioning to the university with an
amplified concern about their financial aid. Many first-generation, low-income
students have mentioned not being sure if they will have enough money to finish
their bachelor's degrees. For many of these students, this concern is already
present during their first quarter of attendance. In my experience, financial
concerns continue to be very prevalent among first-generation, low-income,
transfer students. During the Spring quarter of 2020, many students mentioned
that they had experienced increased financial stressors due to the COVID-19
pandemic's impact on their lives, their family, and their education. Students
mentioned not having enough money to cover food, housing, and all of their
educational expenses. Students continue to have a difficult time understanding
how financial aid was awarded, how they accept loans, and what happens to their
financial aid if they transfer or withdraw from the university. With the added
stressors that students are facing, financial literacy and education, efforts
surrounding financial aid have a huge impact on their current and future academic
progress, persistence, and graduation from college. With a lack of knowledge of
financial aid systems, there is also a lack of understanding and comprehension
surrounding the importance of financial aid application deadlines and what the
financial resources available at their university could help. It is through my first-
hand experiences supporting and advocating for first-generation, low-income,
transfer students that instilled in me a motivation to further explore and lead a

study that focused on their experiences navigating financial systems, knowledge
of financial literacy, and how financial aid attainment has impacted them.
Bias
Moreover, I must remain aware of my own biases as I am a former
transfer student who attended the university where I conducted my research study
and where I currently work as an EOP assistant director. As such, I acknowledged
my personal biases and when I noticed that my perceptions and thoughts were
starting to intervene in my analysis process, I bracketed them in an effort to
advance trustworthiness in the data analysis and the representation of findings.
Bracketing is the process where the researcher is setting aside and examining their
own prejudices and assumptions that may be coming up for them during the
research process (Merriam & Tisdell, 2016). As I was navigating the analysis
process, I bracketed by jotting down thoughts that were coming up for me based
on previous experiences in a memo (Tufford & Newman, 2010). Tufford and
Newman (2010), further elaborate on bracketing by stating, “perhaps
paradoxically, memoing one’s hunches and presuppositions, rather than
attempting to stifle them in the name of objectivity or immersion, may free the
researcher to engage more extensively with the raw data” (p. 7). My counseling
background served to be helpful to establish a respectful and genuine rapport with
the participants to provide a more welcoming atmosphere. As I navigated through
the analysis procedure of my study, at the forefront of my intentions and of this
study was to ensure that the study highlighted the experiences shared by first-
generation, low-income transfer students that participated in my research study
(Creswell & Miller, 2000).
Trustworthiness
Prior to starting the coding process, I checked back with the participants
about the accuracy of the transcription through member checking (Creswell &
Miller, 2000; Fraser, 2004). As indicated by Creswell and Miller (2000), “with the
lens focused on participants, the researchers systematically check the data and the
narrative account” (p. 127). I emailed the transcription to the participants as this is
the type of correspondence that participants preferred. It was important to
incorporate member checking to ensure that the information outlined in the
transcription captured the story shared by the participant. As emphasized by
Kornbluh (2015) through the process of inquiring about additional information
from participants, the researcher has the opportunity to gain new insights into the
phenomenon studied and to holistically capture the experiences of participants.
Kornbluh (2015) highlighted:
The time and length of the project, diversity in participant perspectives,
cycles of data collection, and challenges in analysis may illuminate to
researchers the appropriate time points to pause, reflect and gather
participant feedback to richen their line of inquiry. (p. 399)
It was important to take time to reflect and process thoroughly the interview,
transcription, and any feedback provided by the participants. During the coding
process, the validity of the study was taken into consideration to ensure that the
information shared in Chapter 4 was closely aligned with the stories of the
participants.
A validity procedure that this study incorporated was researcher
reflexivity as outlined by Creswell and Miller (2000). This type of validity
procedure takes place when the researcher “...self-disclose their assumptions,
beliefs, and biases” (Creswell & Miller, 2000, p. 127). In the section role of the
researcher above, I acknowledged my biases and highlighted my personal
experiences that influence and shape my understanding of the world. It was
important to further emphasize my positionality as the researcher to provide
readers with a better sense of my biases and the steps I took to bracket my own
prejudices throughout the analysis process (Creswell & Miller, 2000). As a
current staff member in the EOP program at the university where I conducted my
research study, I acknowledged that although I did not have firsthand experiences
meeting with the participants in EOP, I may have interacted with them in person
or virtually at prior EOP events or events hosted by other university departments.
Ethical Considerations
I obtained the necessary permission from the Institutional Review Board
and from the Graduate School of Education at California Lutheran University to
conduct this study. I also received clearance from the Institutional Review Board
from Central Coast University before conducting my research. Following ethical
guidelines recommended by Creswell (2018), I clearly indicated to the
participants my role as the interviewer, clearly communicated the interview
process, and was transparent about the note-taking and recording that will take
place during the interview. Further, to ensure that the study followed the proper
ethical guidelines, I communicated clearly the purpose of the study, my role
within the study, maintained confidentiality, was respectful of the participants and
of the site we are interviewing, as well as followed the IRB ethical guidelines
(Creswell, 2018). In an effort to maintain confidentiality, I shared with the
participants on multiple occasions from the email invitation I sent that the
information they shared would be kept confidential and that pseudonyms would
be utilized to ensure confidentiality. The EOP program at Central Coast
University, where I conducted my research, sent emails to participants inviting
them to partake in my research study. It was important to ensure that before
inviting the participants, the EOP department at the higher education institution
where I conducted the study gave their approval to move forward with my
research study. Although I made an effort to ensure confidentiality, I could not
promise complete secrecy. Organizations that may inspect and copy the
information the participants shared include the IRB and other representatives of
this organization, as well as California Lutheran University faculty and
administrators, along with other higher education institutions.
Limitations of the Study
With the impact of the COVID-19 pandemic, higher education institutions
transitioned to remote learning, and students at the university where I conducted
my research have been taking courses online since Spring 2020. Remote learning
continued until the end of the Winter quarter. This posed a limitation as I had a
difficult time recruiting students to participate in my study. Another limitation

included the fact that the participants in the study were all students who attended
the same summer transfer program and university. This was a limitation since
study findings were specifically focused on the STTP program at this one
university. The information shared by the participants was pertinent to their
experiences at the university they attended and the summer bridge program. The
implications of the program on participant financial awareness and utilization of
financial resources at that university may not be generalizable to all higher
education summer bridge programs. The study only considered first-generation
low-income transfer students, which highlighted the experiences of the
participants in the STTP program and could not be used as a holistic study to
inform the experiences of all college students.
Conclusion
Chapter 3 highlighted the epistemological perspective that guided the
study and described the research design, participants, setting, and data collection
methods. and how the data was analyzed. Moreover, I discussed ethical
considerations as well as limitations that impacted the study which focused on the
financial aid awareness, attainment of, and utilization of financial support services
on behalf of first-generation, low-income students who attended the STTP
program. Chapter 4 will discuss the findings of this study.

Chapter 4
Findings
Utilizing a narrative research approach, this study examines the impact of
the Educational Opportunity Programs (EOP) Summer Transfer Transition
Program (STTP) on participants’ financial aid awareness, financial literacy, and
their potential for using financial aid support while pursuing higher education. A
narrative research approach provides an opportunity to better understand the lived
experiences of first-generation, low-income, transfer students as they navigate
financial aid systems at a four-year institution. This research incorporated a social
justice framework (Bell, 2016) and the theoretical framework of Bandura’s (1989)
social cognitive theory. It is with a social justice lens that this study hopes to
elevate the voices of first-generation, low-income, transfer students, and those
who come from underrepresented communities to gain a better understanding of
their financial literacy and financial awareness. Additionally, through a social
cognitive lens, there is an emphasis on students' motivation and actions to
ascertain if their self-efficacy contributed to their overall knowledge surrounding
financial awareness and experiences navigating higher education financial aid
systems.
The following questions were explored in this research study:
the Summer Transfer Transition Program (STTP) describes their

the program?
This chapter includes an overview of the participants, expands on the data
analysis as presented in Chapter 3, and presents the emerging themes of this
study. The themes that emerged after conducting the data analysis were:
experiences that influenced financial awareness, the challenges surrounding
financial literacy, navigating higher education financial aid systems,
and recommendations to increase financial awareness and financial literacy. A
less prevalent and unexpected theme that emerged was the impact of the
Coronavirus (COVID-19) pandemic on students' higher education experience.
Participant Profiles
The participants in this study were 11 first-generation, low-income,
transfer students that were members of the Educational Opportunity Program
(EOP) and attended the STTP program the summer before their matriculation to
Central Coast University. Participants were 18 years or older and undergraduate
transfer students currently enrolled in a university. Purposeful sampling was used
as the method for selecting participants that identified as first-generation, low-
income, transfer students from a large, public, tier-one research university

(Creswell, 2018). The following includes a profile of each participant that
provides a brief description based on their interviews.
Individual Profiles
Sara
As a first-generation college student, family and culture were important to
Sara growing up. Sara’s parents immigrated to the United States from Iran. Sara
identified herself as Armenian. Growing up in an immigrant household, Sara
helped her family with some of the household responsibilities such as paying the
bills, which was more feasible for her as she spoke English. Sara’s life goal was
to make her parents proud while working toward a future where she can further
support them financially. Sara’s higher education journey started at a community
college followed by transferring to Central Coast University. Before attending the
university, Sara did not have a strong comprehension of financial awareness.
After attending the STTP program, Sara’s financial awareness increased as she
learned how to manage her money more efficiently. Another positive aspect of the
program was Sara’s newfound knowledge about the basic needs resources that the
university offered. One of the financial resources that Sara learned about was
CalFresh, which is a federally funded food nutrition assistance program that
provides a monthly amount of $250. Her involvement in the STTP program
contributed to Sara strengthening her knowledge about financial resources and
basic needs that will ultimately assist her as she continues to pursue her
educational goals.
Kara
Kara’s experiences growing up were very much influenced by finances.
Kara’s relationship with her mother was important to her. Kara’s mother, a nail
shop owner, first witnessed how the income of a business can fluctuate depending
on the season. These experiences affected Kara, as she learned early on the
importance of saving money. As a first-generation transfer student, Kara felt the
need to help and support her family financially. To save money, Kara commuted
during her college experience. Kara acknowledged not having a good
understanding of budgeting, who to reach out for help, or where to get
information about scholarships or financial aid. Kara’s financial awareness such
as spending habits was highly influenced by her involvement in the STTP
program. Kara sought additional support on campus and was awarded additional
emergency funding which helped her purchase the tools she needed to take classes
remotely. Currently, Kara continues with her education in pursuit of a counseling
career.
Rosie
Rosie’s experiences in navigating college were shaped and influenced by
her identity as an independent student. She has been living on her own since the
age of 18. As a first-generation transfer student, Rosie was not fully aware of the
series of courses she needed to take to fulfill lower-division requirements that
would fulfill the Intersegmental General Education Transfer Curriculum
(IGETC), which resulted in her withdrawing from a community college early on.
Rosie’s community college journey was unique as she attended three community
colleges before transferring to Central Coast University. Rosie’s transfer student
experience was also influenced by the resources she gained while attending three
community colleges. Presently, Rosie’s combined financial aid, 14 hours per
week salary, and her personal experiences as an independent student have all
contributed to her being more mindful of how she budgets her money. Her
experiences growing up and witnessing her family's financial struggles influenced
how she viewed finances and spending money. Budgeting her money accordingly,
allowed her to purchase the technological equipment she needed for school. These
experiences made Rosie more mindful of how much she spends to ensure she has
enough financial aid for all of her school expenses.
Ana
As an independent first-generation transfer student, work was a critical
aspect of Ana’s journey as well as the knowledge and experiences she gained
throughout her college experience. Ana worked at a vocational school for four
years while she attended a community college in California before transferring.
Early on in her college experience, Ana did not receive financial aid due to
working full-time. She did however receive a fee waiver that helped while
attending community college. Once Ana received her acceptance letter to Central
Coast University, she looked into the various scholarships and grants offered. She
also looked into the Cal Grant, which is a financial resource provided to students
from the state of California to help cover the cost of tuition, and tried applying
previously but her income affected her eligibility. After transferring to Central
Coast University, Ana increased her understanding of financial aid through her
involvement in the STTP program.
Veronica
Veronica is a first-generation college student, who is the eldest of five. As
the eldest, she expressed feeling an immense amount of pressure to succeed.
Veronica expressed her appreciation to have experienced attending school while
helping her siblings during online learning. Veronica’s siblings saw her as a role
model, often seeking her guidance and support. With regards to finances,
Veronica was first employed at age 16. Managing her money was important to her
as she made an effort to pay for her personal expenses. Veronica did not have a
good understanding of financial aid while she attended community college.
During her community college experience, she did not receive financial aid
funding except for a waiver to help with the cost of tuition and fees. Receiving the
fee waiver was very helpful, however, she was not aware of other types of
financial aid. After participating in the STTP program, Veronica learned about the
various resources available at the university and feels more comfortable reaching
out to staff at the university.
Dino
Dino’s higher education journey started at the age of 19, after taking a gap
year. The first institution she attended was a California State University campus.
She started working at the age of 18, which contributed greatly to her college
experience. Working was critical for her to have enough money for her living
expenses. Dino’s journey paused due to an unexpected family event. Her

spending habits were not the best and early on she did not have a good sense of
how to best manage her money. After an unexpected family event, she realized
how important it was for her to continue her education. Dino had been in school
for some time and it was not until she turned 23 that she became more aware of
how financial aid would impact her life. Her financial knowledge was highly
influenced by the STTP program and it contributed to her having a better
understanding of how to budget her expenses. After participating in STTP, Dino
felt more confident and comfortable approaching staff at the university.
Denise
As a first-generation college student, Denise expressed how little
information is shared with students about the inner workings of higher education,
especially among the transfer student population. She worked almost 40-hours a
week throughout her community college journey. As a result of working, she did
not have an opportunity to get involved in extracurricular activities. Denise shared
that her parents were not able to help her understand or know where to go for
support, which contributed to the challenges faced as they navigated higher
education. Some of the issues that Denise faced with financial aid included not
having a good understanding of how to interpret the financial aid award letter, not
knowing how to go about contacting the financial aid office, and not having an in-
depth understanding of financial aid systems. She knew the Free Application for
Federal Student Aid (FAFSA) existed, but not the inner workings. One of the
main reasons she joined the Educational Opportunity Program was to get support
and information during her transition to Central Coast University.

Bella
Identifying as a first-generation college student for Bella meant that it
came with added responsibilities, especially with having younger siblings. She
felt expectations were high as she needed to set a good example for her younger
siblings. Bella’s experience navigating college as the first in the family was
nerve-wracking, while at the same time providing some exciting moments. After
high school, Bella attended a California community college and then transferred
to Central Coast University. When Bella was making the transition from high
school to community college, she struggled with the financial aid process. Before
participating in the STTP program, Bella was not comfortable asking for help and
felt that reaching out to staff at the university was intimidating. The process to
navigate financial aid systems became easier for Bella when she transferred to
Central Coast University. Through her involvement in the STTP program, Bella
felt more welcomed and comfortable asking for help at the university. Financial
aid had a positive impact on Bella as it provided her the opportunity to focus more
on other aspects of her college life.
RJ
RJ’s higher education journey began a year after she graduated high
school. She took a gap year after high school before attending community college.
While at the community college, her experiences included working and focusing
on saving money. As a first-generation college student, RJ’s higher education
experience was different from the typical college experience, especially since her
parents did not have a college degree. One of RJ’s parents had some brief college
education, however, they did not graduate from college. As a result, RJ had very
little awareness about college and the financial aid process. RJ faced many
difficulties when it came to applying for financial aid, especially since her parents
could not provide additional guidance. During her community college journey, RJ
realized that it was an ideal time to start saving as she was proactively thinking
about the future when she planned to transfer to a four-year university. RJ’s
expected family contribution derived from the FAFSA financial aid application
was fairly low, which prompted her to be more mindful of her spending habits.
Even though RJ was more mindful about her spending, she did not have a good
understanding of how to manage debt and all the intricacies related to overall
financial wellbeing. After attending community college, RJ transferred to Central
Coast University.
Carolina
Carolina grew up in an immigrant household. Her parents worked
vigorously to provide for the family and support Carolina and her sisters with
their education. As a first-generation college student, navigating college and
finances was not easy and came with its challenges for Carolina. As a result of
being first-generation, she was even more cautious and mindful of her spending
habits. When she did spend money, she made an effort to spend money on school
supplies and buying groceries for the family. Carolina’s community college
experience was primarily online as she only had one semester in person before the
COVID-19 pandemic reached college campuses. Before attending the STTP
program and attending Central Coast University, Carolina was unaware of how
financial aid worked, especially when it came to understanding fund
disbursements. Transferring from a community college to a quarter school system
added to the confusion about the inner workings of financial aid. After attending
community college she transferred to Central Coast University. After participating
in the STTP program, Carolina found the workshops that were offered to be
beneficial and helped her better understand financial aid. Through the financial
aid workshops offered during the STTP, she had a greater understanding of how
to interpret the financial aid she was awarded by Central Coast University.
Julie
Julie’s experiences growing up as a first-generation college student were
highly influenced by family and culture. Julie’s father immigrated to the United
States from Mexico and eventually became a citizen. Early in her experience
seeing her father go through the process of buying a home, Julie learned about the
importance of finances. Growing up being mindful of loan debt, Julie took more
precautions with her financial aid, and taking on loan debt is something she steers
clear of. Prior to participating in STTP and attending Central Cost University,
Julie did not have a good understanding of where to go to receive support.
Although she had a good sense of how to access her financial aid award letter, she
was not familiar with overall financial awareness. Participating in STTP also
provided her an opportunity to have a sense of community as all students that
participated in that program were first-generation college students. Through the
program, she also learned about the many resources available for students and
reassured her that there is assistance available. She plans on working part-time
while she attends Central Coast University. She hopes the income earned from
working will help to cover her college expenses.
Data Analysis Process
Eleven participants were interviewed for this research study. The duration
of the interviews was approximately 30-60 minutes. One interview was conducted
via Google Voice and the remainder of the ten interviews were conducted via
Zoom. All 11 interviews conducted were recorded with the use of a secured
laptop. After the interviews were conducted, they were transcribed verbatim.
During the interviews, I took notes to capture my initial impressions and thoughts
relating to the information the participants shared. After the interviews, I
transcribed the audio recordings verbatim with the use of transcribing software,
which helped to ensure the information was captured accurately. After
transcribing the interviews, I sent via email a copy of the transcription to the
participants to ask for them to review and share if there were any discrepancies in
the transcript. All participants confirmed that the information accurately depicted
what they had shared during the interviews. After this stage, I moved forward to
the data analysis procedure.
After the transcription process and member checking, I uploaded the
transcripts to Dedoose, a platform application used to analyze qualitative data.
Along with utilizing Dedoose, I used Google sheets to help keep the participants'
information organized. Some details included when the interviews were
completed, how the interviews were conducted, and the status of transcriptions
that were completed. After completing the coding process, I transferred the major
themes and quotes that aligned with each category to Google sheets to help with
organization and the final review process of circling back to the study questions to
ensure that there was alignment with the themes. Once the transcriptions were
completed, I moved on to the data analysis stage of my research. I implemented a
combination of the six steps in analyzing and interpreting qualitative data as
outlined by Merriam and Tisdell (2016). I also blended these steps with
techniques outlined in the general inductive approach by Thomas (2003). As I
worked through the analysis stages, I perceived that the stories shared by the
participants showed alignment with the purpose of my research study.
Theme One: Experiences that Influenced Financial Awareness
Financial awareness and the experiences that influenced participants’
understanding of the topic were prevalent among all 11 participants. There was a
wide array of topics that were discussed by the participants about financial
awareness. These included the influence of family experiences, the importance of
gaining knowledge surrounding financial aid and basic needs, loan awareness, and
saving money. For this study, financial awareness is defined as including
students’ spending habits, management of debt, and taking into consideration
students’ financial well-being, which are important issues that have been
prevalent among students in colleges and universities in the United States (Palmer
et al., 2010). Within the financial awareness realm, some subtopics emerged such
as the influence of family and cultural experiences and the positive impact the
STTP program had on participants' financial awareness.

Slightly more than half of the participants, six out of 11 noted having
some form or very limited understanding of financial awareness before they
participated in the STTP program.
Ana who noted having some prior financial awareness knowledge shared:
…I knew the terminology [of financial awareness], I just didn't know how
it applied to a [university] setting. So I think for me, it was helpful that I
knew some of the [terminology]. I had a little bit of an advantage. Cause I
know some of the other students were...confused about what was the
difference [between] an unsubsidized and subsidized loan. And because I
had heard it before that part made a little bit more sense, but I was still
trying to figure out how they were breaking down the award letter.
Ana’s previous experience working at a vocational college in various roles
including working in the Registrar’s Office contributed to her more
comprehensive grasp of financial awareness. From those early experiences at the
college, Ana gained insight into the various forms of financial aid awarded such
as the differences between Federal subsidized and unsubsidized loans. RJ also
shared having some form of financial awareness prior to her involvement in the
STTP program, primarily while she was attending a community college. RJ
emphasized:
I feel like I had a little bit more [financial awareness], not so much on the
financial aid side, but in general, I have. I lived at home, so I didn't have to
budget that much, but when I got to my community college. I kind of

realized like, oh, I should probably start saving up for when I transferred,
cause then it's going to be more on me to take care of myself.
RJ highlighted how her experiences at the community college helped her realize
the importance of budgeting and saving money for when she would transfer to a
university. RJ had the foresight to think ahead and proactively start budgeting
while she attended community college to have some money saved for when she
would transfer to the university. RJ also noted that there was going to be more of
a personal responsibility that would fall on her to take care of herself when she
attended a university.
Five participants shared that they lacked prior knowledge or understanding
of financial matters. Denise expressed how difficult it was for her to understand
how financial aid was awarded and all the questions that came along with that.
Denise shared:
…loans…[t]hose were very hard to understand at first. I really wasn't sure
what they meant, how they were going to be put forth. If I did end up
taking them unsubsidized loans, subsidized loans. That's something that I
know for me, at least that I had no clue. I wasn't very sure about how to do
any of that. Being 19 years old, you don't really know what those terms
specifically mean. You don't really know, like, am I going to have to pay it
back right away? Is that going to affect me in any type of way in paying
for college? It was very confusing.
As noted by Denise, she had many questions before her matriculation to Central
Coast University and attendance in the STTP program. She felt very confused by
the whole financial aid process and had no understanding of loans, or
management of debt, and was perplexed about not knowing if and when the loans
may need to be repaid.
In addition, Sara emphasized that her financial acumen before STTP was,
“Terrible. I just kept spending left and right.” Without having prior knowledge
about budgeting or how much financial aid is allocated towards various expenses,
the money that Sara received from financial aid was reduced. Similarly, Veronica
shared that before joining the STTP program, she realized the importance of
keeping track of her spending. Veronica expressed, “... oh man, my spending need
to chill. Like, there was no reason for me to be spending this much money on
certain things where it could just go into my savings.” In retrospect, Veronica
noted she thought about the importance of saving money as opposed to spending
before attending Central Coast University. Kara also noted that she did not fully
comprehend financial matters. Kara emphasized the following:
My financial awareness, like my spending habits, to be completely honest
were not the best because like working [part-time] and I was going to
school and I had like things I had to pay for like my car...So before STTP I
didn't really know how to save, know how to reach out for help. I didn't
know about scholarships really, and then so before STTP, I wasn't
in...such a good financial place.
Kara brought up a critical point with regards to not knowing how to reach out for
help and not knowing about various financial resources before her attendance in
the STTP program at Central Coast University. Similar to Kara, Bella noted not
being fully aware of how to save money and was also unaware of how financial
aid was going to be administered at the university.
Family/Cultural Experiences
Nine of the participants shared how much their experiences growing up in
their families contributed and shaped their views towards their spending habits,
perceptions about loans, and thoughts about the importance of saving money.
With regards to factors that influenced participants’ financial awareness, their
experiences growing up in their families and culture highly influenced their views
about finances and spending habits. Carolina, Julie, and Sara all shared that
growing up in an immigrant household and their cultural experiences impacted
their views about financial awareness. Carolina shared the following:
Well, I think growing up, in an immigrant household, there's like a lot of
financial awareness already because my parents are working a lot and
they're trying to save up money to help their daughters go to higher ed. So
already there's a big amount of... stress or just overall having to be aware
of making sure that you're spending the right amount of money...on the
right things. So I would say that definitely has impacted my own
experiences and being like a little bit careful of where I spend my money...
As noted by Carolina, growing up in an immigrant household and seeing how
mindful her parents were with regard to managing money, contributed to her
overall knowledge and awareness about finances. Julie, who also grew up in an
immigrant household, shared that seeing her father navigate the process of loans
helped her learn the importance of credit scores and increased her loan awareness.
For many of the participants, they noted that their experiences navigating
finances were first introduced to them by their parents. Some participants shared
that they helped their families financially to help pay for household expenses,
while others noted that they were more responsible for paying for their personal
living expenses. Kara, whose mother owns a nail shop, noted what factors
motivated her to help her family financially.
...my mom's not that great with finances because owning a nail shop... it's
not a business that will always accumulate like, well, it's something that's
like seasonal, Winters are very slow. So I just felt like it was like my
responsibility to help her. So, I definitely had an issue with like hanging
on to everything that I've made the amounts and only spent it when I was
like helping my family. So like, it influenced me [too], I'm not like a huge
spender.
Kara’s overall knowledge surrounding finances was informed through her
experiences seeing how her mother managed the family business and took it upon
herself to provide financial support. Kara also grappled with trying to find a
balance between spending money on her schooling or helping her family. Rosie
echoed Kara’s sentiments concerning being more mindful of her spending habits.
I'm still like Scrooge McDonald. I also think that's because I came from a
family that lives paycheck to paycheck. So like, I always knew I needed to
have money because growing up we never had money. If your tooth fell
out or you need a cavity that was like oh shit who are you going to ask for
money to help because we don't have that.

Rosie’s views about finances were informed by her experiences; she is more
cautious about her spending habits and saves money for when there may be an
unexpected expense. On the other hand, Dino and Veronica emphasized that they
helped their families financially by taking care of their personal expenses.
Impact of STTP Involvement
After participating in the Summer Transfer Transition Program (STTP), 10
of the participants noted that their involvement in the program had a profound
impact on their overall financial awareness. Participants indicated that their
financial awareness increased. More specifically, they mentioned how they gained
a better understanding of how to interpret their financial aid award letter, learned
how to budget their money, gained knowledge surrounding financial resources,
and their loan awareness increased. Bella expressed the activities in the program
that had the most impact on her:
I would say it's definitely a lot better [my financial awareness] because I
went from only knowing very little, like mostly nothing. And then after
the workshops, I understood how to navigate through the website. I
understood how to see where to go, to see how much money I was going
to need for my quarters. And I also saw that I was eligible for work-study.
So all of that really was really helpful.
Bella’s financial awareness was greatly impacted by her participation in the
various workshops. Additionally, she had a better comprehension of budgeting
and learned about various university resources such as the Federal Work-Study
(FWS) Program, which provides an opportunity for students to gain work

experience and earn Work-Study funds via their earrings. Dino also expressed
being more aware of her spending habits and the program reassured her that she
was on the right path to having a better sense of how to budget. She also
expressed feeling more comfortable making informed food choices, such as
cooking at home as opposed to going out to eat.
Moreover, Denise, Ana, Sara, and Veronica highlighted that their
comprehension of financial awareness increased and emphasized learning about
basic needs, such as CalFresh, which is a federal food assistance program. Denise
expressed the following:
I think it did, especially like, not just your financial award letter, but
finances, as mean as housing plans and food plans. I had no idea about
CalFresh and that could help me financially with food. I didn't know a lot
about any of that. So I'm actually now planning…[on attending]
advising...to get into that program. And now just navigating through things
right now, I've been online all morning applying for work-study. I didn't
know about any of that kind of stuff.
Based on the information shared by Denise, she appreciated the in-depth
information shared via the STTP workshops that also covered information about
basic needs. Ana and Denise shared that the workshops offered via the STTP
program contributed greatly to their awareness of navigating their financial aid
award letter and expanded their understanding of financial and basic needs
resources offered by Central Coast University. Veronica expressed her thoughts

about the impact STTP had on her overall financial awareness and newfound
insights about food resources. Veronica expressed:
I feel I'm not as careless with my money anymore. After STTP like I said,
it was super eye-opening for me...the tips of the students individually,
those were so impacted because they lived through being a transfer
student... So just them being able to provide us with kind of their insight.
CalFresh stands out to me.
Along with the STTP program having a positive impact on participants'
financial awareness, Julie and RJ emphasized how the program gave them more
confidence in regards to their financial aid awarded and the financial resource
information they received. They both noted they were going to be in a good place
financially as they continued with their higher education journey after they
participated in the STTP program. Julie felt empowered and more confident by
noting:
It's been empowering to be involved in that workshop and just like
knowing I could budget, knowing I could have control of my finances,
knowing I could afford college, and knowing I have control is like a big
one because sometimes you're working on like, is this too expensive, like
how am I can afford it? Like, how am I gonna be able to fund my
education? I feel like attending that workshop... [answered] a lot of those
concerns I had. And yeah, I'm confident that I'll be okay going forward
and that financial aid isn't as scary.

Julie’s experiences in STTP contributed to her having a greater comprehension of
her financial aid awarded as well as contributed to her feelings of empowerment.
Learning about the resources available and knowing where she could go for help
all contributed to Julie’s sentiments of not viewing financial aid as a scary
process. RJ shared similar experiences by noting that her understanding of
financial aid, in general, had increased, and she now better understands the steps
she would need to take if she were to accept loans.
Additionally, loan awareness increased among various participants. Ana,
Carolina, Denise, Kara, and RJ all noted that the STTP program contributed to
their increased knowledge surrounding loans. Carolina shared, “So I thought it
was really informative how they were giving tips...And then for management of
debt, how they were talking about the unsubsidized and subsidized loans and how
that ties into debt.” These participants gained a greater understanding of loans,
differences between loan types, and how to manage loan debt. Denise also talked
about feeling more comfortable with loans and feeling more at ease after learning
about loans and financial awareness.
Unlike the participants who noted that the STTP program had an impact
on their overall knowledge regarding financial awareness, Rosie noted that her
financial awareness had increased in some ways but not in others. One of the
areas Rosie gained financial knowledge encompassed how financial aid was
awarded and distributed across the academic year. Since Rosie had some previous
financial awareness, her involvement in the STTP program did have some
influence on her understanding of financial awareness however it was not as
prevalent as other participants.
Theme Two: Challenges Surrounding Financial Literacy
Many of the participants shared the various challenges they have faced
surrounding financial literacy. Of all of the participants, 10 indicated that they
faced various challenges when it came to financial literacy. Among the many
difficulties noted by participants, they mentioned stressors related to filling out
financial aid applications and expressed confusion surrounding credit cards and
credit scores. Some of the participants also noted not having an in-depth
comprehension of financial aid terminology. For purposes of this research study,
financial literacy is being utilized as a broader term to include financial
knowledge surrounding credit cards and credit scores as well as utilization of
financial literacy tools at a university campus (Cude et al., 2006; Kasman et al.,
2018). The prevalent financial literacy subtopics that emerged were the nuances
with financial aid applications as well as the STTP impact on financial literacy.
The range of comprehension among the participants ranged from not
having an in-depth comprehension of financial literacy to other participants noting
that they had some financial literacy that they acquired via their personal
experiences at the community college they attended. Ana, Dino, Julie, RJ, Kara,
and Rosie all shared having either semi-familiarity or some understanding of
financial literacy before participating in the STTP program at Central Coast
University. Dino noted having some knowledge of financial literacy before
attending a four-year university. She shared that her knowledge derived from
personal experiences navigating the college financial aid system at the community
college she attended. Dino shared the following:
I would say for myself, that I've been in school for a good amount of time.
And at first, when I first started school, I was not aware of financial aid
and financial literacy. It was really until I turned 22, 23 is when I started to
be more aware of my...[finances], like, how much it impacted me in the
long run. So it took me a while for me to understand how much money is
so essential for education and how much money is impacted in either, it
impacts our attendance to school, whether we can even make it…
Similar to Dino’s personal experiences that helped her gain knowledge
surrounding financial aid and financial literacy, Ana also conveyed similar
sentiments. Ana had some familiarity with financial literacy, which she acquired
through her work experience at a vocational college before transferring to Central
Coast University. Ana, who identified as an independent student, emphasized the
importance of financial aid offices simplifying the financial aid process,
incorporating terminology that students will understand, and continuing to
provide information to students time and time again about financial literacy. The
more Ana was introduced to financial aid terminology―such as the distinction
between being independent vs. dependent―the more it helped her to have a better
understanding of this subject.
Additionally, Julie’s comprehension of financial literacy was unique in
that she had been exposed to credit score information through her involvement in
a TRIO program.
And thankfully I've had like I was saying before, the classes I took with
Can, the Can TRIO program. Or just different things I would find out for
myself because I was always really curious of that about credit scores and
all that. Thankfully it's gotten to a point where I'm able to, I've been
building my credit since I was 18.
Julie highlights that at the core, what drove her to learn more about financial
literacy and more specifically credit scores was her curiosity to learn. There is
also self-motivation as noted by Julie, which contributed to her researching the
topic of credit scores further.
Moreover, Bella, Carolina, Denise, Sara, and Veronica noted not having a
good understanding of financial literacy before they participated in the STTP
program and matriculation to Central Coast University. Veronica expressed the
lack of knowledge surrounding financial literacy and financial aid overall.
So before attending it [STTP], I feel like my knowledge about just
financial aid, and financial literacy, in general, wasn't the best. Coming
from a community college I didn't get financial aid while I was in
community college, but I did get the waivers to kind of take everything
off, all of my funds, tuition, the fees. So I feel like that kind of helped me
in a way kind of knowing, but I didn't really know much more after that.
As highlighted by Veronica, for her there was a correlation between knowledge
surrounding financial literacy and financial aid with the lack of funding that she
received while attending a community college. From her experiences before

matriculating to Central Coast University, receiving the fee waivers was helpful
while at the community college, however, it did not help to gain financial literacy.
Similarly, Bella illustrated her thoughts about financial literacy by stating,
“So before attending the STTP program, I would say that I was clueless about my
understanding of the whole financial aid thing…” Through her enrollment at a
community college, Bella expressed thoughts and how complicated it is to have
an understanding of financial literacy and overall financial aid. Like Bella, Denise
voiced similar thoughts about her experiences surrounding financial literacy and
financial knowledge by stating:
I was pretty lost being a first-generation student…I had no idea how to
view my award letter. Everything was pretty new to me…I mean, no one
really taught me that at my community college, no one really focused and
sat me through, this is how you're going to do this. This is what they're
going to potentially give you and stuff like that. The furthest I knew about
anything was FAFSA. Being a first-generation student, my parents
couldn't really help me that much.
Denise spoke of being a first-generation college student and provided insight into
her experiences navigating higher education. She also brought to the forefront the
one piece of information that she briefly knew about, which was the FAFSA
application. Beyond what Denise shared, there was no support provided to help
her navigate and understand what the financial aid application process entailed.
The Nuances of Financial Aid Applications
Among the many challenges that students noted surrounding financial
literacy, a prevalent one was how difficult it was for them to navigate the Free
Application for Federal Student Aid (FAFSA). The FAFSA is a free federal
application issued by the Department of Student Aid that students fill out to be
considered for federal financial aid. Seven out of the 11 participants conveyed
how confusing and/or difficult it was for them to fill out and comprehend the
financial aid application process. Among the participants that spoke about the
various challenges of the financial aid application process, it included Bella,
Denise, Julie, RJ, Rosie, Veronica, and Kara. RJ had so many questions about the
application process:
And when it came to going to college, that experience of, oh, well, I need
to apply for financial aid and I need to find out how much money I'm
going to get and having to do... [FAFSA] especially was really difficult
because it was hard to know what to put in there or to follow the steps
correctly and make sure everything was set. I didn't know that I was
applying for a Cal Grant or a Pell Grant. I didn't know what those meant. I
didn't have any idea that's what I was applying for...So I went in very blind
and I had just a lot of questions about, what is this? why am I applying for
it?...
Based on the information shared by RJ, she had no prior knowledge of the
financial aid application process and had many unanswered questions. Without
having prior knowledge regarding the FAFSA or the information needed to fill
out, it only added to RJ’s struggles in applying for financial aid. Rosie echoed
similar sentiments as RJ, by stating, “So I guess it all happened, I filled out the
paperwork, okay. Cause I didn't need anything more. So I feel like when it comes
to those things, I'm such a blank space. I can never remember what I did.” Rosie's
feelings bring to the forefront the realization of how perplexed she felt going
through the financial aid application process. Rosie mentioned she reached out for
support at the community college and the response she received was for her to do
it on her own. This left her with no choice but to try to figure out and navigate the
application process by herself.
Along with feelings of confusion and uncertainty surrounding the financial
aid application process, Bella emphasized the importance of receiving support
when it comes to filling out financial aid applications.
Yes, I did have a lot of questions cause I felt like I couldn't quite do it on
my own. I needed some help because I felt like I really didn't want to put
any false information in there. I wanted to get it just right, so I feel like I
definitely would have liked [it] if there was a workshop or a student would
work one-on-one with someone to get help with that. I was curious as to
where to go, and what I was gonna need. Cause I wasn't prepared when I
was filling it out, as I would go along, I would get the stuff that I needed
for it.
There were many questions that Bella had about the FAFSA, along with being
mindful of submitting the correct information on the application. The feelings of
not knowing what to expect and not being prepared all were highlighted by Bella
and contributed to her experiences navigating the financial aid application
process. Similarly, Veronica also stated how important it was for her to ensure
that the information reported was correct and what the possible consequences
could be if there were any mistakes on the financial aid application.
Yeah. So I remember when I first filled out my FAFSA at community
college. Oh my gosh. It was the biggest mess. And I feel like it's funny,
cause what question that I have, I feel like it's easier to say what questions
didn't I have. I feel like it was just kind of, it's sad how overwhelming the
financial aid application was when I first started filling it out. Even now
it's still scary. Any little thing you put wrong, any one number that you
missed, it can either help you or hurt you in a way...
Veronica points out that there were so many questions she had about the financial
aid application process and stresses the impact of going through that experience
on your own and how scary it was.
Another aspect of the financial aid application process that came up for
Julie was the intricacies with regards to how to even approach the financial aid
application process when there may have been changes in the household members
and income. Julie found the process to be confusing and felt as though the
reporting of updates with regards to her parents' dependent information on the
FAFSA was not clear and straightforward. She also stressed that there were
uncertainties about how unemployment earnings would impact her future
financial aid awarded, which continued to perplex her and contributed to many
more unanswered questions and concerns.

STTP Impact on Financial Literacy
Seven participants revealed that participation in the STTP program at
Central Coast University significantly improved their financial literacy. Bella,
Carolina, Denise, Kara, RJ, Sara, and Veronica spoke about the profound impact
the STTP program had on their overall financial literacy and financial knowledge.
Within the realm of financial literacy, they voiced a stronger knowledge base
surrounding financial aid applications, navigating financial aid platforms, and
financial knowledge and their comprehension of financial literacy overall was
strengthened.
RJ was among the participants that emphasized the various aspects of
financial knowledge that were strengthened through her involvement in STTP. RJ
shared:
Like if you've had a scholarship, how the financial aid works, the award
letters, how to read those, how to see how much school is going to cost,
how to estimate it, how to tell how much your overall cost was going to
be, how much you had in loans versus how much you had in just
grants/scholarships or work-study….And it was really just a very
enriching experience in general. It made me feel much more secure about
reading my award letter, [knowing] what I could use my money towards,
how it would work. If I got an external scholarship, it made me feel much
more secure about how payments would work towards [Central Coast
University].
The impact of the STTP program provided an in-depth learning opportunity for
RJ, who pointed out the various topics surrounding the positive impact on her
financial knowledge and feeling more confident about navigating financial aid
systems at Central Coast University. Sara shared similar takeaways by indicating
that her understanding of financial literacy overall was strengthened by her
participation in the STTP program. Kara also conveyed the impact STTP had on
her, “And I think that my understanding of financial literacy honestly, became a
lot stronger after attending that STTP program.”
Beyond contributing toward overall financial knowledge, Veronica
highlighted the personal impact the program had on her. Veronica went on to
share:
I think it's more of realizing the importance of financial literacy and how
much of a shame and frustrating it is that I didn't learn it sooner. I think it's
really easy as a first-gen student to kind of beat yourself up over that
because you're 18 years old starting college and not really knowing what
to expect….So I feel like, don't think about the, what if, think of kind of,
well, now what can I do? So I think that was something for me that was
really a turning point in the way that I saw things, I just stopped dwelling
and what I didn't do because that's years ago…
As Veronica noted, she reflected on her younger self when she first started her
higher education journey, with the newfound knowledge she acquired she was
eager to keep moving forward with strengthening her financial literacy.

Although the STTP program contributed to boosting the financial literacy
and overall financial knowledge of participants, Carolina described various
aspects of what she learned as well as what topics were still unclear.
So I learned a little bit about that and how there's financial aid for FAFSA,
that's federally funded and there's financial aid for AB 540 students. And
so I learned a little bit about that and how they work differently, which I'm
still a little confused about.
Notably, Ana, Rosie, Julie, and Dino did not reveal that the STTP program had a
profound impact on their financial literacy, however, they did mention that there
were takeaways from the program related to financial literacy. Participating in the
STTP program helped Ana to better comprehend financial literacy terminology.
Rosie emphasized that her involvement in the program prompted her to ask more
questions about financial aid.
Theme Three: Navigating Higher Education Financial Aid Systems
All of the 11 participants brought to the forefront the impact financial aid
has had on their lived experiences. Some of the participants expressed their
viewpoints towards financial aid by noting that it has lessened their worries, they
had more time to focus on other aspects of college life, and created opportunities
that may have been unattainable without financial aid such as studying abroad.
While others indicated that financial aid influenced their decision to opt for
commuting as well as contributing to their stressors related to housing expenses.
Within the realm of navigating higher education financial aid systems, there were
a variety of subtopics that surfaced such as building EOP connections and
acquiring knowledge of financial aid systems.
Ana, Denise, and Bella all emphasized that the financial aid they were
awarded has provided them the opportunity to explore other interests such as
opportunities to further their educational and co-curricular goals. Ana spoke about
the impact an Education Abroad Program (EAP) presentation had on her
experience at the university. That sparked her interest in the possibility of going
abroad and knowing that she could receive financial aid was critical.
And ever since then it really sparked my interest. So then I kept going to
their meetings. Every Friday they had a meeting and I would just attend
every single one…. She actually, I emailed the financial aid advisor for the
study abroad program and she made me, she did an estimate. She emailed
me an estimate. So that's when I was able to see that it was like something
that I could do.
Once Ana learned that there was financial aid awarded to study abroad and that it
was feasible to do so, it provided her the opportunity to see it as a viable
opportunity. Likewise, Denise shared that financial aid has given her the freedom
to explore her interests in other areas of college life. Denise shared further by
noting:
I think it's going to [give] me a lot more opportunities to not just focus on
working hard outside of my academic life but working hard to get into
organizations. Have a little bit more freedom with my studies, given that I
was given so much money for my award letter….So I was happy about it
because I knew that I wasn't going to have to work 40 plus hours a week at
a job and had little to no time to interact and jump into the [Central Coast
University] life. I really want to jump into [an] organization and be a part
of it. I want to experience stuff. I want to do research. I want to go to study
groups, and tutoring with CLAS. I want to get as much out of college as I
can.
With the financial aid award that Denise was awarded, she shared how much of
an impact that will have on her college life. The financial aid awarded allowed
Denise to feel as though she did not need to work full time but rather was able to
explore her interests in getting involved on campus, looking into research
opportunities, and now feels as though she can focus more on her academics.
Similarly, Bella shared that being a recipient of financial aid has had a positive
impact on her life, she shared, “I think it definitely has had an impact because,
well without it, I feel like I'd struggle a lot more.” Bella also shared that the
financial aid awarded will help ease the financial burden and as a result, her
college experience will be more enjoyable.
On the other hand, Kara, Carolina, Julie, and Sara all conveyed financial
aid concerns. Some of the stressors that were communicated were related to not
knowing if financial aid would be enough to cover housing expenses and graduate
school. Kara was among the participants that commuted to campus as a way to
save on housing expenses. Kara brings to the forefront what factors influenced her
decision to commute to campus.

I guess for once I'm worried about money, because I was always like, oh,
well I have to commute from [Central Coast University] because…[I
assumed] that it's going to be a lot of money. So I was like, I don't know if
I'm willing to take out loans for like an undergrad thing? Cause my whole
perspective was like if I wanted to get my master's if I wanted to do
something else, I would always save as much as I can by commuting. And
so I think like I had that fear of like, I'm not spending, I'm not going to
spend money. So that's why I didn't choose to like the dorm at [Central
Coast University] because I was too scared but from my experiences. So
then going through the program [STTP], it made me realize that like, it's
very common for students to take out loans.
Kara’s decision to commute to Central Coast University was driven by a fear of
not wanting to spend so much money and not having a good awareness of loans.
Carolina also shared her concerns were related to whether or not there will be
enough financial aid funding for graduate school. Although Carolina noted that
she learned about various types of graduate school funding options via the STTP
program, she felt worried about not knowing if financial aid will be enough to
cover graduate school expenses. Additionally, Julie and Sara spoke about the
uncertainty of not knowing if their financial aid was going to be enough to cover
their housing expenses. Julie shared, “...what I do have to worry about is housing.
So I will be getting a refund back, but I don't think it's going to be enough to
cover the whole school year.” Sara also voiced her concerns about housing.
Yes, this summer, I actually had to pay out of pocket since, like I
mentioned, last summer, I was taking the INT courses, which were paid
for, but this year just taking courses such as for my minor classes that
were required, I had to pay $140 out of pocket. And that's been tough
because I'm struggling to pay my rent at the moment and trying to find
programs from the state of California to just help out with the rent
situation. It's been tough, but I'm pushing through.
Although there was financial aid to help with tuition for summer courses Sara had
previously taken, she notes how challenging it was for her to secure financial
resources that will help her with her rent.
Building EOP Connections
All of the 11 participants echoed similar sentiments in sharing that their
involvement in the STTP program provided them with many opportunities to
build meaningful connections with EOP staff. As a result of participating in
STTP, it helped to introduce participants to financial aid, they gained valuable
financial aid resources and now know where to go to seek financial support. From
the connections fostered with EOP staff in the STTP program, participants also
feel heard, supported, and welcomed. Ana, Kara, and Rosie all spoke about their
meetings with EOP counselors and what impact that has had as they continued
with their higher education journey at Central Coast University. Ana shared that
through her participation in STTP, she felt more comfortable engaging with EOP
counselors.
Yeah, so like I said, I really am glad that I participated in STTP because
EOP really help[ed]... I kind of make it a one-stop-shop. I didn't feel I had
to just discuss my financial needs with the financial aid office and just
kind of like give three different people the same story. I felt like with one
counselor, I could really tell them the whole picture of what was going on
and if I needed help, they referred me. But I feel really comfortable with
EOP counselors and I trust what they say and I feel very comfortable just
building that connection with two or three people that can help me
throughout my whole time at the university.
Through the meaningful relationships that Ana had with EOP counselors, she felt
more comfortable sharing her story with them as opposed to needing to share it
with so many people. Ana was able to receive financial support from her EOP
counselor and if needed would follow up with other departments on campus based
on a referral from her counselor. Receiving reliable and trustworthy information
was important for Ana in building relationships with university staff. Kara also
shared a similar experience in STTP by adding that the meetings with the EOP
counselors were more individualized to their needs.
...it felt more personal when we had those open, free time to speak with
the counselors. I enjoyed that because when I did try to make... counseling
appointments, as a transfer in general, it was hard because there are so
many students that I did not feel like it was personalized, even though I
saw a counselor for like my philosophy major. Like somehow going to
that program [STTP], they were able to help me and make me feel like it
was like a one-on-one...But yeah, I really appreciated [it]... So I didn't feel
shy to ask the question because they were already giving us [a] workshop
on it. So yeah, it definitely...STTP program has helped with my financial
knowledge.
Through the various interactions that Kara had with EOP counselors, she shared
how much she enjoyed the meetings, especially since there was a complementary
component to provide financial aid workshops that then could prompt more of an
opportunity to follow up with an EOP counselor for support. Rosie also
mentioned that through the connections she made with EOP, she felt more
comfortable reaching out to an EOP counselor for support.
Additionally, Julie, RJ, Carolina, Veronica, Sara, Bella, Denise, and Dino
also shared that through the connections they fostered via the STTP program, they
now know where to seek support and financial assistance at Central Coast
University. Julie was encouraged by the STTP program to ask questions and reach
out for help. Julie noted the following:
Yeah, being in STTP, I learned that you're like your greatest supporter and
there's people who support you. Like, no matter what question you had.
Yeah, basically, I learned that any question I could have, I could reach out.
I know where to reach out to and I also know that if I don't know where to
turn, I could always turn to EOP and they can lead me in the right
direction. And I also learned that the people in all the departments they're
always willing to help and that I shouldn't be afraid to ask questions

because that's ultimately what's going to help me. Cause if you don't ask
questions, then how are they gonna know how to help you.
Julie also made a point to stress the importance of connecting with EOP
counselors even when she may not know where to go, but she knows that they are
a reliable resource. Having the confidence and knowledge of where to seek
financial support was also highlighted by RJ. RJ shared that she feels more
comfortable and knowledgeable about the services available at the university that
provide financial aid support.
[STTP] made me feel again, more secure. I just, I feel like I can't stress
that enough, that it was so helpful in making me feel prepared to come to
[Central Coast University] but it also did make me feel better about going
to the different services that are offered and at least taking this step to ask
for help or to ask to get educated on financial literacy or having the
opportunity to get more financial help should I need it. And all the
services that they offered, I mean, a multitude of different things. It did
make me aware of like CalFresh. So that's something I'm definitely going
to reach out [to] when we get...closer to the start of the quarter and it just
made it definitely helped me to reach out more or be willing to reach out.
The connections that were fostered through the STTP program were so impactful,
that Dino highlighted how much of an impact the program had on her experiences
at the university.
So I think you kind of have more power in a way and not necessarily
power, but like, that's kind of a lack of terms, but I guess you have more
like control... So I think overall that helped me to just kind of reach out to
my teachers and other counselors and ask them, oh, how did you pay for
school for graduate school or stuff like that. So for sure, it did help me a
lot and just...[impacted me] to reach out to others.
Dino points to how much the EOP connections that were fostered contributed to
her empowerment to reach out to counselors and professors to engage in
meaningful conversations about financial aid resources.
Acquiring Knowledge of Financial Aid Systems
Seven participants, Ana, Bella, Dino, Sara Rosie, Julie, and Carolina,
specifically noted that the STTP program helped them to understand and navigate
financial aid systems at the university. Participants noted the many ways in which
the STTP program provided them the opportunity to learn about various financial
aid systems such as the portal by which students view their financial aid award
letters, the financial aid website, billing office website, as well as learning about
financial aid resources. Ana shared how she gained a better understanding of
university websites and tools that helped with understanding financial aid
systems. Ana shared:
Yeah. So I remember we did a financial aid workshop, where they showed
us how to navigate, where we see our award letters, and then [the] BARC
account. And that was really helpful to kind of see the different websites
and how to...that was like money left over to us. Just going over different
scenarios. I think they showed us how to speak with the financial aid. I
think they were using QLess to get an appointment with them, since
everything was remote, …[which] was really helpful. But they also did
mention that before the financial aid lines were really long so it was
actually better to do it online this year or last year. I also remember I think
we did a budgeting workshop and then they did a financial needs where
they talked about emergency the situation[s] and that was really helpful,
like housing vouchers or assistance in emergency grants through EOP.
As highlighted by Ana, through the STTP program she learned about critical
departments on campus that provided support with financial aid and student fees.
In addition to learning how to navigate and comprehend the financial aid
awarded, she also addressed additional takeaways such as gaining insights about
the most efficient way to connect virtually with the financial aid office. Julie also
shared that the workshop that focused on understanding the billing office platform
that is used to bill and where students can see the financial aid credited was
informative. Julie stated the following:
And then the navigating BARC was telling us how to navigate BARC,
which is the main system [Central Coast University] uses to disperse
financial... [aid]. And yeah, I learned a lot. ...I learned all the sessions were
really informational, so I feel like, yeah, that really helped. And yeah, I'm
really good at remembering all the stuff, so I know when I need the help, I
know where to go.

Similarly, Bella echoed how much of an impact STTP had on her learning how to
navigate Central Coast University websites and how the STTP program impacted
her overall experience:
Yes, so my overall experience was that I really loved it [STTP] because I
know that moving to a new school, a new area, a new home, ...can be very
intimidating. And I felt like I was unprepared that's the word unprepared
because I didn't know anything about the campus, except when I had an
online tour, but I still felt like I wasn't kind of grasping anything. Yeah.
Now I know where to go on the website and how I can look at my emails
and stuff, and also kind of being a little more comfortable and a little less
scared with when I'm on there...
As a new transfer student, learning about the various services as well as how to
best navigate university websites was an important takeaway from Bella’s
participation in STTP.
Moreover, Veronica, Kara, RJ, and Denise all shared that the STTP
program introduced them to financial aid and basic needs resources at Central
Coast University. Beyond learning about the various resources offered, RJ also
pointed out how much of an impact the STTP program had on her knowledge
base about Central Coast University.
And I think STTP really helped me understand [Central Coast University]
better. I feel like it really gave me the opportunity to, not only see what
services that were provided at [Central Coast University] and I feel like I
did learn about a lot of services and I feel much better about kind of the
understanding that I have of [Central Coast University] and their services.
But I also just got to know the school a little bit better. It made me feel
much, much more secure about transitioning and transferring to [Central
Coast University] from a community college.
Similar to RJ, Denise also shared that the STTP program introduced her to a
variety of resources offered by Central Coast University. Denise shared:
...But I definitely think my choice in going to [Central Coast University]
and see how much more resources it had, put me at ease. I think it was a
good choice for me, especially because I love being involved. I had no
problem reaching out for help. I had no problem looking at resources. I
have no problem with being a part of groups and organizations that could
get me, maybe scholarships help and further my education stuff.
Denise also brings to the forefront how much of a driving force her personal
motivation contributed to her willingness to reach out for help and get involved.
Knowing that there were many resources available to support her, Denise
emphasized how much that influenced her decision to attend Central Coast
University.
Financial Literacy
An overarching theme that was present among 10 of the participants was
their recommendations to help increase financial awareness at Central Coast
University. Participants emphasized financial aid and budgeting workshops,

required meetings with financial aid advisors, and a financial awareness course.
With regards to financial aid and budgeting workshops, there were a variety of
topics participants emphasized such as more information about loan awareness,
scholarships, budgeting, and resources. Ana, Carolina, Denise, Julie, RJ, and Kara
emphasized the importance of hosting financial aid workshops as a means to help
students. RJ points out that the financial awareness workshops could benefit
prospective first-generation college students.
Yeah, I think for financial awareness, again, just workshops...I think it'd
be so helpful to have something that you can attend, even for students who
aren't necessarily registered as students with the universities...and just to
have something where they can kind of, especially for first-gen students
learn how to apply what they're applying for and just the process in
general of financial aid and then for financial awareness, same kind of
thing, just to have those workshops and understand what the resources are,
how to start budgeting yourself, how to look into student loans, what
student loans mean and how they can help you and how you'll have to
manage your debt in the future, If you do take on student loans. And I
think just increasing knowledge and offering more resources to current
students or prospective students is always helpful.
In addition to providing information about financial awareness, RJ also
emphasizes the incorporation of loan and debt management as a means to help
students manage their future finances.

Carolina added that although higher education schools may be hosting financial
awareness workshops, marketing them via social media may help to yield more
student attendance.
I... think workshops are like a good first step, which I know that the
universities and community colleges are doing. But I know that a lot of
times there's not like a big amount of turnout of people who go to these
events. So I think within the workshops, maybe promoting them
differently, like on social media...Definitely, that's a great start, but also
maybe incorporating them into like different learning communities. So I
think that would be a good first start to incorporate that into learning
communities because I think already within those communities, there's a
lot of questions or confusion about financial aid and raising awareness.
Along with the incorporation of social media to promote financial awareness
workshops, Carolina also recommended expanding efforts to various learning
communities as a means to reach more first-generation college students.
In addition to hosting financial awareness workshops, Ana and Rosie
suggested incorporating some form of a requirement that students would be
adhered to fulfill as it pertains to financial aid. Ana reiterated that similar to
students needing to meet with a major advisor, that there should be a similar push
for students to meet with a financial aid advisor. She explained it further by
stating:
Well, I understand that it's a really big university and in a perfect world, I
would think it would be very beneficial to have like, you know, how we
have to meet with our major advisors. I think we should all have to meet
with our financial aid advisors, if not quarterly every year. Just to answer
any questions that you might not think it's important to actually make an
appointment with the financial aid officer, but if you were required to
meet with them, maybe those questions that you didn't think were
important enough to meet with someone those would get answered.
Moreover, other participants such as Julie recommended that the
university host financial wellness courses. Julie noted, “I feel like that's something
going forward or even at [Central Coast University] they can make a financial
wellbeing class a requirement because it's never too late to learn about all that and
take control of your financial future.” Dino recommended incorporating a
budgeting tool as a means by which students could note their expenses to help
them budget better. Sara added that a program geared towards first-year students
could possibly also help them early on have a better understanding of financial
aid. Another suggestion was made by Bella, in which she stated the importance of
integrating financial resources such as scholarship opportunities and sharing that
information with students.
Moving on to the recommendations shared by the participants with regard
to financial literacy. All of the 11 participants shared suggestions to help increase
financial literacy efforts at Central Coast University. There were a variety of
recommendations noted, ranging from providing financial literacy workshops,
offering a financial literacy course, requiring a financial literacy webinar, to
expanding the financial literacy grant program the university offers. Bella,
Denise, and Julie all emphasized the importance of providing financial literacy
workshops as a way to help introduce and strengthen financial literacy among the
college student community. With regards to financial literacy workshops, Bella
shared her suggestion about hosting meetings where students could learn more
about financial literacy tools the university offered.
...hosting meetings where they could send out to all the students telling
them we're gonna, be hosting this meeting and be talking about the
financial tools at our university... maybe just more than one. Cause I know
that financial aid, it plays a huge role for students. And I feel like if we
had more of that, then it'd be really helpful.
As noted by Bella, offering multiple opportunities for students to learn and
engage with the financial literacy tools can also help with understanding and
navigating financial aid.
Furthermore, RJ, Dino, and Ana suggested higher education institutions
incorporate financial literacy webinars in orientation programs. RJ also
highlighted the benefits of making such webinars mandatory to expose more
students to financial literacy. RJ noted:
Yeah, I think a good thing, especially something that I thought was kind of
useful, is to, they had it in orientation, they had a financial wellbeing
module that you could fill out. I feel like it would almost be helpful to
make that mandatory, it was optional when I filled it out or went through
the module. But I feel like to make it mandatory just to understand better,
just to have some financial literacy cause otherwise, I felt beforehand I
had no knowledge of anything.
Providing more opportunities for students to learn about financial literacy and
financial aid systems at orientation could help to reach more students. As RJ
emphasized, her willingness to take advantage of the financial wellness module
during orientation contributed to her financial literacy knowledge. Ana echoed
similar sentiments and shared that her personal experience of completing the
financial literacy module at orientation was very helpful. She also added how
beneficial it would be to incorporate information about financial aid award letters
into the current financial wellness module the university offers, as a means to
expose students to more financial aid terminology to help them understand
financial aid better.
There were a variety of suggestions noted by Sara, Kara, Carolina, and
Veronica to increase financial literacy efforts at Central Coast University. Sara
added that a financial literacy course could provide many benefits such as
learning how to best manage finances. Sara goes on to share:
...I feel like a course should be offered in my opinion and that's something
I have never seen any school do. And I feel like it's an important life skill
and having a course it's something I would definitely take and it would
impact me in my future career and goals and how to manage my money
later on. Right now, I'm learning how to manage financial aid money, but
what am I going to do when I'm getting paid much more? I don't want to
go and throw that money away, but, learning correct financial knowledge
in the future would be great within the course.
The financial literacy course would in turn also contribute to supporting students'
current and future goals. Sara added that she was focusing her efforts on learning
how to best manage financial aid funds and posed some important questions she
still has about how she will manage finances in the future.
Additionally, Ana and Kara suggested expanding the financial literacy
efforts the university offers to provide more opportunities for students to receive
grant funding via a financial literacy program. Ana shared that the financial
literacy program Central Coast University offers allows students to receive a
stipend of $250 after students complete the requirements. Ana mentioned that the
program is very helpful, however, the program is very competitive. By expanding
the program, more students will be able to benefit from the financial literacy
program and receive a stipend that could be very beneficial. Another
recommendation noted by Carolina was to provide more visually appealing
financial literacy information via university websites. Veronica added from her
personal experience a suggestion for there to be more financial aid staff available
to help students during their open hours for financial aid and financial literacy
support efforts.
Lastly, Rosie added a unique perspective based on what efforts could help
provide students more opportunities to learn about financial literacy. Beyond
suggesting providing more one-on-one direct support by engaging students,

Rosie added:
I mean, really not how much more besides sitting down with the student
and showing them specifically like what more? It's also, I feel like it also
is partly student's responsibility, but partly school's responsibility because
the school is obviously going to …[make] money, millions of billions of
dollars from us. So why wouldn't they feel the need to, I guess we don't
know why they don't feel the need to, but like students, why wouldn't
students reach out more and I get it like, I don't know.
As Rosie noted, she mentioned that the university has a responsibility to provide
financial literacy education efforts, while also emphasizing that students who may
need support could speak up more to receive the support they need.
Theme Five: Impact of the COVID-19 Pandemic on Students' Higher
Education Experience
An unexpected theme that was prevalent among seven of the participants
was the impact of the Coronavirus (COVID-19) pandemic on their higher
education journey. Participants expressed their thoughts on how the COVID-19
pandemic presented challenges for them such as transitioning to taking courses
online, loss of work, and how difficult it was to access support services virtually.
Various participants mentioned the many benefits of being recipients of the
Coronavirus Aid, Relief, and Economic Security (CARES) Act funding that they
received from Central Coast University. The CARES Act provided funding for
higher education institutions to aid with the financial hardship students were
experiencing (Ruark, 2020). The CARES Act provided direct support to students
for food, housing, healthcare, child care, and technology (Ruark, 2020).
Carolina, Denise, Sara, Veronica, and Julie were among the participants
that shared the various challenges they faced amidst the COVID-19 pandemic.
Carolina went on to say:
Most of my community college experience was online. I only had one
semester in person, so that one semester in person, it was really easy to
navigate because if I had a question I could go to the welcome center,
which was the place where all the financial aid advisors were in. You can
go ask questions, but then...[afterward], the semester when the pandemic
happened and then the year following that it was really hard because
sometimes I would have a question about financial aid or like when my
disbursement would be getting released. And it was really hard at first,
obviously for instructors to get used to virtual learning. So sometimes it
was really hard to reach financial aid advisors through the phone that was
provided.
Carolina highlighted the many challenges that higher education institutions faced
when the COVID-19 pandemic reached college campuses. Carolina adds that her
higher education experiences were mainly virtual, which has impacted the
accessibility of financial aid resources. Carolina's perspective of completing one-
semester in-person to then going fully remote has provided her with a unique
perspective about in-person support versus accessing services remotely.

Denise also shared from her personal experience what she encountered once
classes transitioned to virtual learning.
...then there was the COVID, and so everyone got pulled from the classes.
There…[weren't] any resources that I can go in and it was hard because it
had been two years that I had those workshops from my high school. So I
had no idea where to start and my parents had no idea where to start. So
trying to help navigate both me and my sister throughout everything was
pretty hard.
Both Denise and her sister were attending college when the COVID-19 pandemic
forced higher education campuses to close down. As a result, Denise mentioned
the lack of access to resources that also amplified the struggles that she and her
sister experienced in trying to navigate college campuses. Additionally, as a result
of the COVID-19 pandemic Sara and her mother both lost their jobs. Julie also
shared a similar sentiment by mentioning that she lost her job due to the COVID-
19 pandemic, which resulted in her receiving unemployment. One aspect of
Julie’s experience of receiving unemployment that she also shared was that it
provided her with more money she was able to save for the future.
In addition to the various challenges aforementioned, some participants
expressed the positive impact of the CARES Act and the financial aid funding
received as they pursued a college education. Dino and Veronica expressed how
financial aid funding helped them during the pandemic. There was also Sara who
spoke about the financial assistance she received from an outside organization
that helped her during the pandemic. Dino spoke about the impact of the COVID-
19 pandemic as well as how much the CARES Act funding helped her:
Thankfully, no, I don't have to take out loans. Really the pandemic,
although it was really bad, it's still going on and still bad, but it has helped
me as well for the last academic year because I was able to save up a lot of
money to have my place here at [Central Coast]. If I would have moved
out last year, I would have had to take out loans most likely for this year.
Dino illustrated a unique viewpoint with regards to her thoughts about the
pandemic and the foresight to save the extra financial aid funding received to plan
for when she would move to Central Coast University. Another aspect that Dino
spoke about which Veronica also echoed was that the extra financial support
helped her so much that they did not see the need to accept student loans offered.
So last year I feel like I got a lot of help last year. I got the Cal grant to
kind of help you with tuition and the COVID grant really helped me in
ways. But for this [financial aid award] letter it's completely different and
I'm expected to pay way more out of pocket. So I feel like for me like I
said, I think last year, me, if I would have gotten this without doing STTP,
would have been like, oh my gosh, I'm going to have to take out get a
loan.
Although Veronica mentioned the various ways in which financial aid funding
helped, she also spoke about what the upcoming year would be like. In comparing
the financial aid award letter and funding received during the pandemic, Veronica
highlighted a big difference with regards to how much more she will be expected
to contribute towards her educational expenses. Ultimately the participation in the
STTP program also helped Veronica to realize that although she may be expected
to contribute more financially towards her education, she may not necessarily
need to accept loans.
Conclusion
The purpose of this study was to understand the impact the Summer
Transfer Transition Program had on Educational Opportunity Program (EOP)
participants’ comprehension of financial aid awareness, financial literacy, and
willingness to seek financial support services on campus. The five overarching
themes found were: experiences that influenced financial awareness, the
challenges surrounding financial literacy, navigating higher education financial
aid systems, recommendations to increase financial awareness and financial
literacy, and the impact of the COVID-19 pandemic on students' higher education
experience. As a recap of the findings, 10 participants specifically noted the
positive impact the STTP program had on their financial awareness. Seven
participants emphasized that their financial literacy comprehension was
strengthened as a result of their participation in the STTP program. There was
also a significant finding with regards to the STTP program contributing toward
all the participants building meaningful relationships with EOP staff, which aided
participants with learning and navigating financial aid systems at Central Coast
University. Chapter 5 will follow, which will include a discussion of the
implications.
Chapter 5
Discussion
With the incorporation of a narrative research approach, this study
examined the impact of the Educational Opportunity Program (EOP) Summer
Transfer Transition Program (STTP) on participants’ financial aid awareness,
financial literacy, and their potential for using financial aid support while
pursuing higher education. With the implementation of a narrative research
design, this study provides an avenue for first-generation, low-income transfer
students to share their experiences as it relates to navigating financial aid systems,
financial literacy, and financial awareness at a higher education institution
(Merriam & Tisdell, 2016). This study is guided by a social justice framework
(Bell, 2016) and the theoretical framework of Bandura’s (1989) social cognitive
theory. It is with a social justice lens that this study aims to elevate the voices of
first-generation, low-income, transfer students, and those who come from
underrepresented communities to gain a better understanding of their financial
literacy and financial awareness. The incorporation of the social cognitive
framework of Bandura’s (1989) social cognitive theory emphasizes students'
motivation and actions to ascertain if their self-efficacy contributed to their
overall knowledge surrounding financial awareness and experiences navigating
financial aid systems at their home institution.

Moreover, the participants in this study were 11 first-generation, low-
income, transfer students that were members of the Educational Opportunity
Program (EOP). All of the participants attended the STTP program at Central
Coast University. I conducted semi-structured interviews and met with the
participants virtually. Based on the preference of each participant, the meeting
was either via phone or Zoom. Prior to meeting with the participants, they all
were provided with information about the study and gave their written consent to
participate.
The following questions were explored in this research study:
the Summer Transfer Transition Program (STTP) describes their
the program?
This chapter includes a discussion of the major findings that were derived
from the research study noted in Chapter 4. Next, I present how the findings
contribute to and support the literature, discuss the limitations, and present the
implications for higher education. Finally, I will discuss areas for future research
as it relates to financial awareness, financial literacy, and financial aid attainment
at higher education institutions.

Discussion of Findings
The major findings that emerged after conducting the study were centered
on: experiences that influenced financial awareness, the challenges surrounding
financial literacy, navigating higher education financial aid systems, and
recommendations to increase financial awareness and financial literacy. A less
prevalent theme that surfaced was the impact of the Coronavirus (COVID-19)
pandemic on students' higher education experience. The findings brought to light
the positive impact the STTP program had on participants' financial awareness,
and financial literacy understanding, and also provided an avenue by which
participants gained social capital. The findings also captured the participants’
recommendations to increase financial awareness and financial literacy. Lastly, an
unexpected finding noted by the participants was the challenges they faced during
the COVID-19 pandemic, as well as some of the participants noted the benefits of
being recipients of the Coronavirus Aid, Relief, and Economic Security Act
(CARES). An overview of the aforementioned major themes follows with
connections to the literature.
Theme One: Experiences that Influenced Financial Awareness
One of the major findings with regards to the experiences that influenced
financial awareness was the positive impact the STTP program had on the
majority of the participants. The participants shared that the STTP program had
an immense impact on their financial awareness. They further shared that they
gained a better comprehension of budgeting, learned about financial resources and
how to access them, and their loan awareness increased. Participants such as
Denise, Ana, Sara, and Veronica noted that their understanding of financial
awareness was increased and through their participation in STTP, they learned
about basic needs resources. Denise shared the following:
I think it did, especially like, not just your financial award letter, but
finances, as mean as housing plans and food plans. I had no idea about
CalFresh and that could help me financially with food. I didn't know a lot
about any of that. So I'm actually now planning…[on attending an]
advising...to get into that program. And now just navigating through things
right now, I've been online all morning applying for work-study. I didn't
know about any of that kind of stuff.
Denise emphasized the importance of acquiring knowledge surrounding basic
needs such as CalFresh, which is a federal food assistance program for which
students could receive up to $250 per month. Most recently, the COVID-19
pandemic has exacerbated the impact of food insecurity, and basic needs
insecurity that leads to academic challenges on college campuses (Goldrick-Rab
et al., 2020). The literature points to the more recent information pertaining to
financial and basic needs insecurity among college students across the U.S., the
Hope Center #RealCollege survey reports that three in five students were
experiencing basic needs insecurity, of which 52% of Caucasian, 65% of Latinx,
71% of Black, and 74% of Indigenous college students were experiencing basic
needs insecurity during the Spring 2020 term (Goldrick-Rab et al., 2020). The
Hope Center #RealCollege survey further found that 10% of the college students
did not know about unemployment insurance, 13% did not know about
Supplemental Nutrition Assistance Program (SNAP), and 33% did not know there
was emergency aid on their campuses (Goldrick-Rab et al., 2020). These findings
highlight the need for more educational efforts and increased support geared
towards first-generation racially minoritized students to learn about basic needs
and financial resources at two-year and four-year colleges and universities.
Additionally, the importance of providing opportunities for first-
generation, low-income, transfer students to learn about financial awareness is a
social justice issue that needs to be addressed. The literature points to the
inequities that exist concerning the students with the highest financial need, such
as Federal Pell Grant recipients accepting higher amounts of loans than non-
Federal Pell Grant recipients (The Institute for College Access & Success, 2019).
This information brings to the forefront the need to educate under-served students
about loans, budgeting, and basic needs resources to help them make informed
decisions. Within educational environments, Hackman (2005) emphasized that
social justice education brings to the forefront the various systems of oppression
such as power and privilege that contribute to social inequalities. Hackman
(2005), further notes that social justice education empowers students to pay close
attention to systems of oppression at cultural, institutional, and individual levels,
all while striving toward making a positive contribution to social change. As such,
social justice calls for two-year and four-year higher education institutions to
integrate financial awareness education efforts. Without such an effort,
institutions will continue to perpetuate the inequities that continue to affect
students who have been historically impacted by higher loans, lack of financial
resources, and increased financial challenges. Overall, integrating social justice
practices entails bringing to the forefront the experiences of first-generation, low-
income, minoritized students and striving for them to have equity and access to
financial awareness resources across higher education institutions (Theoharis,
2007).
The findings of the positive impact the STTP program had on first-
generation, low-income, transfer students’ financial awareness adds to the
empirical research surrounding college summer bridge programs as it pertains to
the inclusion and impact of financial education efforts. Previous studies have
primarily focused on the impact summer bridge programs have on college
students’ persistence and retention (Cabrera et al., 2013; Fletcher et al., 2001;
Lytle & Gallucci, 2015; Odeleye & Santiago, 2019). Although the primary focus
of The Women in Applied Sciences and Engineering (WISE) summer bridge
program at Arizona State University was on retention and successful transition
from high school to college, the program incorporated a component of financial
aid advising. Beyond the study led by Fletcher et al. (2001), there is a gap in the
literature with regards to assessing the impact summer bridge programs have on
students' financial awareness, financial literacy, and financial aid attainment that
this study brings to light. This study contributes to the literature by demonstrating
the positive impact the STTP program has had on first-generation, low-income,
transfer students' financial aid awareness. Beyond students learning about
financial aid and the advising they may be able to receive via that office,
participants also gained a better understanding of how to budget their finances,

learned about basic needs and financial aid funding, and their awareness of loans
increased.
Theme Two: Challenges Surrounding Financial Literacy
Within the realm of financial literacy, two prevalent findings emerged.
Participants shared the various challenges they faced concerning financial
literacy, while seven participants also highlighted the positive impact their
involvement in the STTP program had on their financial literacy and knowledge.
Some of the financial literacy challenges faced by participants included confusion
and difficulties navigating the Free Application for Federal Student Aid (FAFSA).
Over half of the participants expressed the various challenges they faced as they
filled out the FAFSA as well as how confusing the whole process was for them.
Among the participants that spoke about the various challenges of the financial
aid application process, it included Bella, Denise, Julie, RJ, Rosie, Veronica, and
Kara. For first-generation, low-income transfer students the FAFSA represents an
important role in their continued persistence and retention in college (Cannon &
Goldrick-Rab, 2016). Many of the participants went on to share not knowing what
to expect as they approached filling out the FAFSA application. The difficulty
with the FAFSA is highlighted by Veronica, who shared her thoughts of
nervousness and confusion surrounding the application:
Yeah. So I remember when I first filled out my FAFSA at community
college. Oh my gosh. It was the biggest mess. And I feel like it's funny,
cause what question that I have, I feel like it's easier to say what questions
didn't I have. I feel like it was just kind of, it's sad how overwhelming the
financial aid application was when I first started filling it out. Even now
it's still scary. Any little thing you put wrong, any one number that you
missed, it can either help you or hurt you in a way...
Veronica emphasized how confusing and scary it was for her when she first filled
out the FAFSA and reiterated that those feelings are still present now that she is
enrolled at a four-year higher education institution. Research has shown that
college students encounter difficulties surrounding the many complexities of
filing the FAFSA (Cannon & Goldrick-Rab, 2016; Dynarski & Wiederspan
2012). Some of the challenges students encounter include comprehending the
various steps within the application process and ensuring that they have the
appropriate paperwork to fill out the FAFSA (Cannon & Goldrick-Rab, 2016;
Dynarski & Wiederspan, 2012).
Next, under the Obama Administration, there have been steps taken to
simplify the FAFSA application process making it easier for students and their
families to apply for financial aid (The White House, 2015). Some of the
improvements included updating the online FAFSA application to include skip
logic, the ability to electronically link IRS tax information, and now the FAFSA is
available starting October 1st providing access to start applying earlier (The
White House, 2015). However, even with the changes that have occurred, the
narratives shared by the participants in this study, continue to highlight the
various challenges first-generation, low-income, transfer students face as they
navigate and fill out the FAFSA. Bella, one of the participants, clearly articulated
what they would have liked to have received when they were faced with
confusion and uncertainty surrounding the FAFSA, it was to receive direct
support in the form of a workshop or one-on-one support from their college.
Furthermore, with regard to financial literacy, the findings also
highlighted the positive impact the STTP program had on participants' financial
literacy comprehension. Seven participants highlighted the positive impact their
involvement in the STTP program had on their comprehension of financial
literacy. More specifically, Bella, Carolina, Denise, Kara, RJ, Sara, and Veronica
all echoed similar sentiments by noting that their knowledge about financial aid
applications was strengthened, they had a better understanding of financial aid
platforms, and their comprehension of financial literacy was strengthened. RJ
spoke about the various aspects of financial knowledge and financial literacy that
improved as a result of her participation in the STTP program. RJ went on to say:
Like if you've had a scholarship, how the financial aid works, the award
letters, how to read those, how to see how much school is going to cost,
how to estimate it, how to tell how much your overall cost was going to
be, how much you had in loans versus how much you had in just
grants/scholarships or work-study….And it was really just a very
enriching experience in general. It made me feel much more secure about
reading my award letter, [knowing] what I could use my money towards,
how it would work. If I got an external scholarship, it made me feel much
more secure about how payments would work towards [Central Coast
University].
The literature surrounding financial literacy on college campuses that serve first-
generation, low-income students, such as TRIO programs has shown that the
financial education offered has been in the form of optional one-on-one and group
workshops (Yang & Kezar, 2009). Of the TRIO programs that offer financial
education programs, Yang and Kezar (2009) noted that less than half of them
evaluate the effectiveness of such programs. Kezar and Yang (2010) also noted
that TRIO programs were not effectively providing financial education to all first-
generation, low-income students enrolled in their programs. This study adds to the
literature as it brings to the forefront the importance of integrating financial
awareness and financial literacy in summer bridge programs specifically focused
on aiding with the transition and support of first-generation, low-income, transfer
students on four-year university campuses.
Additionally, this study adds a unique contribution to the literature by
introducing students’ voices as it relates to the impact a summer bridge program
has had on first-generation, low-income, transfer students' financial literacy and
financial knowledge at a four-year higher education institution. Research points to
a wide array of studies conducted on assessing college students’ financial literacy
and financial knowledge (Annabi et al., 2018; Avard et al., 2005; Chen & Volpe,
1998; Chen & Volpe, 2002; Cude et al., 2006; Mandell, 2008). The literature
shows that the inclusion of first-generation college students has been minimal
when it comes to assessing their financial knowledge and financial literacy
(Annabi et al., 2018; Eitel & Martin, 2009). When taking into consideration
transfer college students, the research is even more sparse (Starobin et al., 2013).
Although the study led by Starobin et al. (2013) did include transfer students, it
lacked the inclusion of first-generation and low-income students. The current
study adds to the literature that focuses on capturing students’ financial literacy
and financial knowledge, with an integration of a qualitative approach. When
taking into account the methodology used in the majority of the financial literacy
studies, they were quantitative except for one study (Cude et al., 2006) that
included a mixed-methods approach. Taking into consideration the importance of
integrating financial knowledge and financial literacy across four-year higher
education institutions, it is critical to incorporate financial literacy education
programs and focus on ensuring that first-generation, low-income, transfer
students have access and are encouraged to take advantage of them (Eitel &
Martin, 2009; Kezar & Yang, 2010; Whitley et al., 2018).
Theme Three: Navigating Higher Education Financial Aid Systems
This study brought to the forefront the impact that financial aid has had on
the lived experiences of all of the participants. Two overarching subtopics stood
out such as building EOP connections and gaining knowledge of financial aid
systems. With regards to building EOP connections, all of the participants
expressed similar thoughts in noting that their involvement in the STTP program
aided them in building meaningful relationships with EOP staff. Participants
further noted that through the connections that were fostered, they were able to
gain information about financial aid resources and felt more comfortable reaching
out for support. After participation in STTP, Julie felt more confident asking for
help:
Yeah, being in STTP, I learned that you're like your greatest supporter and
there's people who support you. Like, no matter what question you had.
Yeah, basically, I learned that any question I could have, I could reach out.
I know where to reach out to and I also know that if I don't know where to
turn, I could always turn to EOP and they can lead me in the right
direction. And I also learned that the people in all the departments they're
always willing to help and that I shouldn't be afraid to ask questions
because that's ultimately what's going to help me. Cause if you don't ask
questions, then how are they gonna know how to help you.
Julie’s sentiments go beyond the EOP connection by stating that she also gained
knowledge about departments across campus, which contributed to her feeling
more empowered to reach out for support. According to Stanton-Salazar (1997),
“Relationships with institutional agents, and the networks that weave these
relationships into units, can be understood as social capital” (p. 8). Institutional
agents can include individuals that share valuable resources as well as
opportunities on a college campus (e.g., academic support, tutoring, counseling,
career advising), all of which can be sources of social capital on university
campuses for first-generation and low-income students (Moschetti & Hudley,
2015; Stanton-Salazar, 1997). As emphasized by RJ, who noted that she feels
more comfortable and knowledgeable about the services available at the
university that provide financial aid support. Being involved in STTP helped
serve as a bridge to gain knowledge and access to financial aid resources, all of
which contributed to gaining social capital for RJ and the rest of the participants.
Moreover, the literature surrounding social capital has shown that first-
generation, low-income, and underrepresented college students have a difficult
time accessing social capital on college campuses (Moschetti & Hudley, 2015;
Próspero & Vohra-Gupta, 2007; Saunders & Serna, 2004). As such, implementing
a social capital framework in higher education practices can provide first-
generation, low-income, transfer college students with the resources to start their
educational journeys at two-year and then in their transition to four-year higher
education institutions (Saunders & Serna, 2004). The findings of this research
align with the literature (Saunders & Serna, 2004) surrounding the importance of
integrating a social capital framework that could be beneficial to incorporate
during advising and counseling sessions with first-generation and low-income
students. The findings in this study add to the literature by emphasizing the
importance of first-generation, low-income transfer students gaining social capital
when building relationships with EOP staff via a summer bridge program to help
them gain knowledge surrounding financial aid, basic needs, and financial aid
tools on university campuses.
Another topic that stood within the realm of navigating higher education
financial aid systems was acquiring knowledge. Participants shared that the STTP
program provided them an avenue by which to learn about various financial
systems at the university, such as the financial aid platform that included their
financial aid award letter, financial aid website, and billing office website, and
gained a better understanding of financial aid resources available. RJ and Denise
expressed their thoughts about their involvement in STTP by echoing that along
with learning about the various financial aid systems at Central Coast University,
they were also introduced to a variety of resources. Denise went on to say:
...But I definitely think my choice in going to [Central Coast University]
and see how much more resources it had, put me at ease. I think it was a
good choice for me, especially because I love being involved. I had no
problem reaching out for help. I had no problem looking at resources. I
have no problem with being a part of groups and organizations that could
get me, maybe scholarships help and further my education stuff.
Denise highlights her personal motivation contributed to her willingness to get
involved at Central Coast University and ask for help when needed. Few studies
have examined self-efficacy as it relates to first-generation, low-income college
students' financial stress and financial counseling (Britt et al., 2015), financial
stress and major choice (Fosnacht & Calderone, 2017), as well as financial
management and financial knowledge (White et al., 2019). The study conducted
by Britt et al. (2015) incorporated Bandura’s social cognitive theory as a
framework to show what impact financial stress had on the lives of college
students. The results of the study led by Britt et al. (2015) showed that financial
counseling offered to college students via a financial counseling center on-campus
had a positive impact on college students' financial knowledge and as a result, the
students felt less stressed about their financial circumstances (Britt et al., 2015).
The willingness of the college students to seek financial counseling was due to
their self-efficacy (Britt et al., 2015). Denise’s personal motivation served as a
driving factor for her to look for resources and reach out for help when needing
financial support which is a reflection of her self-efficacy. With that in mind, this
study contributes to the literature as it shows that self-efficacy among some of the
STTP participants was a factor that contributed to their overall knowledge
surrounding financial awareness and experiences navigating financial aid systems
at a four-year higher education institution. Julie is among the participants that
noted how much of a positive impact her involvement in STTP had on her
learning about financial aid systems and the valuable resources the university
offered. As such, her participation in STTP positively impacted her self-efficacy,
which contributed to her feeling more confident seeking financial support.
Financial Literacy
A prevalent finding among the majority of the participants was their
recommendations to host and expand the financial awareness and financial
literacy efforts at higher education institutions. With regards to financial
awareness, 10 participants recommended financial aid and budgeting workshops,
a financial awareness course, and mandatory meetings with financial aid advisors.
Ana, Carolina, Denise, Julie, RJ, and Kara all expressed the importance of
conducting financial aid workshops as a way to help first-generation college
students. Carolina brings up a unique perspective with regards to what her
thoughts are about expanding how higher education institutions are advertising
financial awareness workshops on their campuses.
Carolina went on to say:
I... think workshops are like a good first step, which I know that the
universities and community colleges are doing. But I know that a lot of
times there's not like a big amount of turnout of people who go to these
events. So I think within the workshops, maybe promoting them
differently, like on social media...Definitely, that's a great start, but also
maybe incorporating them into like different learning communities. So I
think that would be a good first start to incorporate that into learning
communities because I think already within those communities, there's a
lot of questions or confusion about financial aid and raising awareness.
Along with noting that financial awareness workshops are a good starting point,
she goes on to mention that based on her personal experience the workshops may
not yield high attendance, which is why she recommended promoting such
workshops via social media. Additionally, she also mentioned the importance of
reaching out to learning communities as a way to provide more first-generation
college students with financial awareness.
Research points to five overarching categories that are considered best
practices within the realm of financial awareness and financial literacy: college
courses in financial literacy, co-curricular integration via first-year orientation
programs, advising via a financial counseling center, in-person workshops, and
online financial management resources (Annabi et al., 2018; Cude et al., 2006;
Eitel & Martin, 2009; Goetz et al., 2011; Kezar & Yang, 2010; Klepfer et al.,
2019). Even though some higher education campuses offer financial education
opportunities, not all higher education institutions have incorporated efforts to
provide financial education efforts and access to resources for first-generation,

low-income, transfer students (Kezar & Yang, 2010). Central New Mexico
Community College, a two-year institution, has implemented the CNM Connect
initiative that is working towards providing nontraditional students with access to
financial resources such as public benefits and embeds financial literacy efforts in
their program (ACSFA, 2011). The CNM Connect initiative connects students
with Achievement Coaches that provide them with financial planning, connect
them to financial resources, and offer opportunities to participate in financial
literacy classes (ACSFA, 2011). CNM Connect initiative is unique in that not all
higher education institutions have incorporated financial literacy and financial
education programs. When taking into account the gap in the literature
surrounding financial literacy and financial awareness best practices, the findings
in this research study bring attention to the need of integrating mandatory
financial aid meetings, expanding current financial education efforts with the use
of social media, and reaching out specifically to learning communities. Julie’s
sentiments about why it is important to expand and integrate new financial
awareness programs are highlighted by her words “...it's never too late to learn
about that [financial awareness] and take control of your financial future.”
Moreover, this study also brings to light the importance of expanding
financial literacy efforts across higher education institutions. Participants shared
their recommendations for what could be done to aid with increasing financial
literacy efforts at Central Cost University. Their suggestions included providing
financial literacy workshops, offering a financial literacy course, expanding
financial literacy grant programs, and requiring all students to enroll in a financial
literacy webinar. Some of the recommendations noted by the participants to
expand financial literacy efforts align with best practices noted in the research.
The literature that focuses on expanding financial literacy and financial education
efforts includes: providing financial crisis support teams, financial education,
high-touch personal counseling, financial resources, personal finance course
during freshman orientation, University 101 seminar financial literacy course,
interactive online programs, classroom-based programs, game-based education,
event-based programs (Alban et al., 2014; Kezar & Yang, 2010; Klepfer et al.,
2019; Zapp, 2019).
Lastly, a unique finding in this study that adds to the research of best
practices surrounding financial literacy is to provide and expand financial literacy
grant programs across higher education institutions. Ana and Kara both echoed
how important it would be to expand financial literacy grant programs to ensure
that more students would be able to receive financial support. Ana went on to
share that Central Coast University offers a financial literacy program that
provides students with an opportunity to receive up to $250. Ana further noted
how helpful such programs are and also empathized that they are very
competitive. The need to provide and expand financial literacy grant programs on
higher education campuses is reinforced by Klepfer et al. (2019), as they
emphasize the importance of higher education institutions focusing more on
paying attention to the increased educational expenses which impact students'
ability to figure out how they will cover the expenses. The findings in this study
bring attention to the importance of providing and working towards expanding

financial literacy grant programs, offering a financial literacy course and webinar,
as well as providing financial literacy workshops, all of which could have a
positive and lifelong impact on the financial literacy of first-generation, low-
income, transfer students at higher education institutions.
Limitations
Some foreseen limitations were noted in Chapter 3 prior to conducting the
research study. In an effort to provide a holistic representation of the limitations, I
will first provide a recap of the limitations that were noted previously, and then I
will introduce the new limitations after the interviews with the participants were
completed.
Previously noted limitations stated that as a result of the impact of the
COVID-19 pandemic, higher education transitioned courses to take place online
starting in the Spring 2020 term. Remote learning continued at Central Coast
University during the time I was in the midst of recruiting participants, which
posed a limitation as I had a difficult time with the recruitment process. Another
limitation noted was that all the participants in the study attended the same
summer transfer program, STTP. This served as a limitation since the findings of
this study are only about the participants that attended Central Coast University.
As such, the findings and implications of the impact the STTP program had on
participants' financial literacy, financial awareness, and comprehension of
financial aid systems are only pertaining to their experiences at a four-year
university, which does not encompass all higher education institutions or summer
bridge programs. Another limitation previously mentioned was that the

participants in this study identified as first-generation, low-income, transfer
students who attend a four-year university located on the Central Coast of
California. As such, this study may not represent all first-generation, low-income,
transfer student populations from regions that go beyond the Central Coast and
across the country.
After conducting the research study, new limitations became apparent. In
addition to the aforementioned impacts surrounding the COVID-19 pandemic,
another limitation that arose was when it came to meeting with the participants. In
light of the COVID-19 pandemic, Zoom, and Google Voice technology were used
to conduct the interviews to observe social distancing recommendations. Due to
the evolving nature of the pandemic, it was challenging to schedule interviews as
various students emailed me their interest to participate in the research study,
however after various emails to confirm a date and time, the students did not
follow up. It is not known if the COVID-19 pandemic may have contributed to
students' willingness to participate in the study as meetings with them would be
virtual. Another challenge that came to light as a result of the interviews taking
place during the COVID-19 pandemic was the interviews were conducted
virtually and it is not known if meeting in person could have altered the responses
of the participants. Meeting virtually could have impacted the interpersonal
communication, comfort level, and trust of the participants.
Next, another limitation a result of conducting the research study during
the COVID-19 pandemic was the possible impact the pandemic may have had on
participants' responses during the interviews. It must be noted that during the
interviews with some of the participants, they mentioned the various challenges
they faced when higher education institutions transitioned to remote learning.
Various participants shared the difficulties they experienced accessing financial
aid support and resources virtually at the institution they attended. Other
participants also shared that a result of lack of access to resources added to the
struggles they and their family members faced in trying to navigate college. For
another participant, the impact of the pandemic resulted in losing her job. As
such, it is not known if the responses on behalf of the participants could have been
influenced or exacerbated by the many challenges brought on by the COVID-19
pandemic on their financial aid attainment, financial awareness, financial literacy,
and their experience navigating financial aid systems at the university.
Lastly, another limitation was with regards to the trustworthiness of this
study. According to Creswell and Miller (2000), as a way to determine the
validity of a qualitative research study, researchers may implement a variety of
procedures such as member checking, peer reviews, triangulation, researchers
reflexivity, and collaboration with the co-researchers, among others. For purposes
of this study, the procedures that I integrated to ensure trustworthiness were
member checking and acknowledging my biases in the role as the researcher.
Even though I made an effort to ensure the trustworthiness of the study, there
were some procedures that I was unable to integrate into the research process such
as staying at the research site of Central Cost University for a long period of time
and observing the participants who participated in the STTP program (Creswell &
Miller, 2000). During the time I conducted the interviews, Central Coast
University was still holding classes virtually, which contributed to my inability to
observe the participants in-person during the STTP program. These unforeseen
circumstances also add to the limitations concerning trustworthiness as
triangulation was not possible to cross-reference the narratives shared by the
participants with observations in the field (Creswell & Miller, 2000).
Implications
The findings of this study brought to the forefront various implications for
higher education institutional practices and policies. The implications are directly
linked to educational practices across Extended Opportunity Programs and
Services (EOPS) at two-year colleges and Educational Opportunity Program
(EOP) programs at four-year higher education institutions. Implications also apply
to student affairs practitioners, financial aid administrators, faculty, higher
education administrators, and educators across colleges and universities. The
implications are a direct result of the narratives shared by first-generation, low-
income, transfer college students and the major findings in this study.
1. Embedding Financial Awareness and Financial Literacy in Summer Bridge
Programs
A key finding in this study highlights the need to incorporate financial
awareness and financial literacy in summer bridge programs for first-generation,
low-income, transfer students. As a way to help address the various challenges
that students are facing during these unprecedented times, providing an avenue by
which students have access to virtual financial information and resources is
pivotal. The findings show that before participating in the STTP program, various
participants shared a lack of prior knowledge or comprehension of financial
matters. Participants further noted how confusing the financial aid process was
and had no understanding of loans, management of debt, and were so confused
about the loan repayment process. It is important for educators to have an
understanding of the various challenges that first-generation, low-income, transfer
students face concerning finances which can help educators to be better prepared
when working with this population of students. Based on the findings of this
study, there is a need to introduce financial awareness and financial literacy
concepts before first-generation, low-income, transfer students’ matriculate to a
four-year higher education institution. Such topics that would be helpful to
integrate into the curriculum of summer bridge programs include budgeting,
providing information about financial aid resources, introducing loan information
and repayment plans, as well as providing students information about financial aid
systems. Summer bridge programs can provide an avenue to help bridge the gap
between the lack of financial awareness and financial literacy and first-generation,
low-income, transfer students. Since the impact of the STTP program was so
impactful on the majority of the participants, integrating financial awareness and
financial literacy into EOP programs at two-year and four-year higher education
institutions can help to introduce students to critical financial awareness topics
that can definitely prepare students to be able to budget their finances, have an
understanding of where to access financial resources, and be better prepared to
understand their financial aid award letter and loans.

2. Providing and Expanding Financial Literacy Efforts
It is important for educators across two-year and four-year higher
education institutions to be aware of the many challenges surrounding financial
literacy that this student population expressed confusion with. Such topics
included feelings of stress when needing to fill out the FAFSA and also having a
difficult time understanding financial aid terminology. Some participants noted
confusion about credit cards and credit scores. Given the many stressors and
challenges surrounding students' experiences with the FAFSA and various
financial literacy topics, it is critical for educators that are supporting and working
directly with this population to make more of an effort to provide financial
literacy education. It is essential for higher education professionals to offer
opportunities to first-generation, low-income, transfer students to receive support
with financial aid applications such as the Free Application for Federal Student
Aid (FAFSA). More specifically, providing one-on-one support to students who
may need support with filling out the FAFSA could provide this student
population with the information they need to have a better understanding of how
to navigate the financial aid application process. An additional benefit of working
with students directly when they fill out the financial aid application is that they
will be better equipped to fill out the application the next time around. As a way
to help address the challenges of navigating financial aid applications, a
suggestion may be for educators across higher education institutions to work
closely with students, leadership at the universities, and the Department of

Education, as well as policymakers to work toward simplifying the FAFSA
application. Based on the findings of this study, there is an opportunity to further
help students with the FAFSA application and seek ways to be able to streamline
the process by providing more clarity on the tax questions and possibly reducing
the number of questions the application asks (Cannon & Goldrick-Rab, 2016;
Dynarski & Wiederspan, 2012). In addition to helping this population of students
with financial aid applications, additional recommendations include developing
and/or expanding financial literacy programs, incorporating social media as a way
to reach this population of students, and reaching out to learning communities
across two-year and four-year higher education institutions.
3. Integrating a Social Capital Framework
For many first-generation, low-income, transfer students navigating higher
education, financial aid systems can seem daunting and unfamiliar. Being the first
person to attend college comes with many challenges, especially when it comes to
interfacing with financial aid. Additionally, it is important for educators to not
only have an understanding of the many struggles that students from this
population face, but equally as important is to be able to draw from critical
frameworks that have shown to have a positive impact when engaging with first-
generation, low-income, transfer students. Based on the narratives shared by
participants in this study, it was evident that incorporating a social capital
framework is critical to fostering relationships of trust with this student
population. As emphasized by Stanton-Salazar (1997), the relationships that are
fostered with educators and the networks built from that can be forms of social
capital. When first-generation students feel heard, validated, and welcomed they
are more likely to reach out for support. For many of the participants in this study,
the EOP connections they fostered helped to introduce them to financial aid
resources, they felt more comfortable reaching out for help and were reassured
that EOP was the one place they could turn to when they may not know where
else to go for help. Incorporating a social capital framework when supporting this
student population can be applicable for educators in EOP offices, financial aid,
as well as across higher education. A social capital framework (Stanton-Salazar,
1997) can be incorporated during counseling and advising sessions with students
as well as making part of the theoretical foundation of summer bridge programs
for first-generation, low-income, transfer students.
When integrating a social capital framework into how educators engage
with this population of students, can have long-lasting benefits for the students,
such as boosting the confidence of students to feel more empowered to reach out
for support when they need it. Incorporating a social capital framework when
working with this population of students will be a step in the right direction to
further advance equity and access efforts across higher education institutions
(Bell, 2016; Theoharis, 2007). Additionally, educators may be seen as an entry
point for students to access services the institution offers and ultimately aid with
their successful transition to the institution.

4. Expanding Financial Aid Grant Resources
Given the many challenges that first-generation, low-income, transfer
students face as it pertains to financial aid, there is a need for higher education
institutions to strive toward seeking new financial grant funding opportunities for
students. As was mentioned by some of the participants in this study, some of the
concerns they expressed about financial aid was not knowing if it was going to be
enough to cover all of their housing expenses. For one participant, in particular,
her concerns were so prevalent that she commuted to campus due to how much
more expensive it would be to live in university-owned housing. When the
COVID-19 pandemic reached higher education campuses, it heightened the
financial concerns students were already experiencing. It is critical for educators
to have an understanding of the various challenges noted by participants in this
study as it relates to their financial aid concerns in order to better understand what
efforts may be needed to help increase or work towards developing new grant
funding programs. Participants in this study shared the various challenges they
faced as a result of the COVID-19 pandemic which resulted in having a difficult
time with online courses, losing their jobs, and experiencing more challenges
when trying to access financial support virtually. It also must be noted that
various participants mentioned how helpful it was for them to receive the
Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. Although
the CARES Act funding helped with financial hardships students were facing as a
result of the COVID-19 pandemic (Ruark, 2020), this funding source was not
permanent.
Beyond the financial funding offered from the state, Federal government,
and universities, there is a need for higher education professionals to work
diligently to seek new funding sources that can continue helping this population
of students. There is an opportunity for financial aid, EOP departments, and
administrators at higher education institutions to work in collaboration with
community agencies, policymakers, and students to work on legislation that could
provide grant funding opportunities. There might even be an opportunity to
embed an educational financial awareness and financial literacy component to the
grant funding program to aid with providing education and access. Seeking new
funding sources that may be unrestricted and not tied to federal or state funding
requirements could help to provide the neediest of students with additional
financial funding needed to aid with their successful transition and retention at
higher education institutions.
Areas for Future Research
This study brought to the forefront the voices of first-generation, low-
income, transfer students’ narratives and their experiences related to financial
awareness, financial literacy, and financial aid attainment at Central Coast
University. Given what this study brought to light, there is a need to continue
expanding the research surrounding this population of students’ financial literacy
and financial awareness. More research is needed to assess the financial literacy
and financial awareness among this population of students to not only have a
better understanding of such topics but can also help to develop new initiatives
across two-year and four-year higher education institutions. This is especially

important since the majority of financial literary studies failed to include this
student population. With the limited amount of research surrounding financial
literacy and the financial knowledge of first-generation, low-income, transfer
students, it is vital to continue research in this area.
Secondly, moving on to the research surrounding the impact that summer
bridge programs may have on students’ financial literacy, financial awareness,
and financial aid attainment is another area that deems more attention. This study
focused primarily on the experiences and knowledge surrounding financial
literacy and financial awareness among participants in the STTP program at
Central Coast University. With the limited amount of research studies on summer
bridge programs as it relates to financial topics, it is critical to continue advancing
research in this area. Expanding the research can provide higher education
institutions with more insights about such topics to better support this population
of students. Additionally, advancing research within this area could also provide
opportunities to assess if current practices in summer bridge programs are helping
students or if there is a need to further develop or improve these practices.
Thirdly, this study integrated a narrative research design as it provided
first-generation, low-income, transfer students who participated in the STTP
program an opportunity to share their personal stories (Creswell, 2018).
Incorporating such a design was appropriate for this study as it provided
participants opportunities to share their first-person accounts related to their
financial literacy, financial awareness, and how they go about and navigate
financial aid systems at higher education institutions (Merriam & Tisdell, 2016).
As such, this study did not incorporate any other form of research design such as
integrating a qualitative component. This is an area for furthering the research
conducted in this study since the inclusion of a qualitative component could have
provided an opportunity for more participants to be involved in this study.
Additionally, integrating a mixed-method approach with the addition of a
qualitative component could provide an opportunity to capture new insights that
could have contributed to the findings in this study and provided a better
comprehension of the research problem and questions (Creswell, 2018). A mixed-
method study could include demographic questions, such as parents’ income, and
parents’ highest level of education, incorporate questions pertaining to students'
transfer path and ask questions pertaining to financial literacy systems such as the
FAFSA (Mandell, 2008). Incorporating FAFSA questions could provide a better
understanding of what aspects of the financial aid application students may be
familiar with as well as provide insight with regards to what aspects of the
application students may need more support with (Mandell, 2008). Also,
launching a mixed-method study coupled with the incorporation of a financial
literacy and awareness assessment tool, such as a survey to better understand and
assess students' knowledge base, could provide an opportunity to further develop
and create programming and training tailored to student’s needs. To further
expand this research a longitudinal study that follows first-generation, low-
income, transfer students from their start at the community college through their
matriculation and graduation from a four-year higher education institution could
provide additional findings. A longitudinal study could provide more insights into
the financial literacy, financial awareness, and financial aid attainment of first-
generation, low-income, transfer students over a longer period of time.
Lastly, there is a need to continue researching the impact of the COVID-
19 pandemic on students’ higher education experiences, especially as it relates to
financial literacy, financial awareness, and financial aid attainment. This study
shed light on the challenges students faced as higher education institutions moved
to remote instruction and the lack of access to financial aid support and resources.
Advancing research as it relates to the ongoing impact of the COVID-19
pandemic is a social justice issue that requires more attention, especially with
research showing that Black and Indigenous college students are experiencing
basic needs insecurity at much higher rates than their peers (Goldrick-Rab et al.,
2020). This topic also requires more research to better assess the challenges and
opportunities there may be for educators across higher education institutions to be
able to better support this population of students during these unprecedented
times. As the COVID-19 pandemic continues to persist, this area requires further
research as we do not know what the most current and long-lasting effects will be
on this population of students as it relates to financial aid attainment, and impact
on their transfer path, and their overall higher education journey.
Conclusion
For many first-generation, low-income, transfer students attending a
community college provides them the opportunity to start their educational
journey and path to transfer to a four-year higher education institution. The
American dream of transferring and successfully graduating from college is in

jeopardy as many students from this population face financial challenges and may
lack adequate financial literacy knowledge. As emphasized by Dan Broun et al.
(2014), financial challenges continue to negatively impact community college
students’ persistence and successful transfer to four-year higher education
institutions. It is imperative for educators across two-year and four-year colleges
and universities to invest more time supporting and advocating for the financial
needs of first-generation, low-income, transfer students.
Moreover, it is imperative that educators take into consideration the
findings this study brought to light as they focus on financial education efforts
that may be helpful to introduce or expand at their institutions. This study
highlights the positive impact the STTP program had on participants’ financial
awareness and financial literacy. There was also a significant finding with regards
to the STTP program contributing toward all the participants building meaningful
relationships with EOP staff, which contributed to the social capital of the
participants. With the increase of first-generation, low-income, transfer students
going to college, it is critical for higher education institutions to continue working
towards identifying promising practices that will aid these students with the many
financial challenges they may face as they transfer to a four year higher education
institution (Smith & Miller, 2009). When students are allowed to engage, learn,
and build connections such as the experiences of the participants in STTP, the
impact is so profound. So why the need to develop and expand financial
awareness and financial literacy education efforts across higher education
initiatives that focus specifically on supporting first-generation, low-income,

transfer students? Julie’s sentiments about her involvement in the STTP program
provide us one of the many reasons, “It's been empowering to be involved in that
[STTP] workshop and just like knowing I could budget, knowing I could have
control of my finances, knowing I could afford college and knowing I have
control is like a big one…”

References
Ackermann, S. P. (1991). The benefits of summer bridge programs for
underrepresented and low‐income transfer students. Community Junior
College Research Quarterly of Research and Practice,15(2), 211-224.
https://doi.org/10.1080/0361697910150209
Adams, M., & Bell, L. A. (2016). Teaching for diversity and social justice (3rd
ed.). Routledge. Advisory Committee on Student Financial Assistance.
(2008). Apply to succeed: Ensuring community college students benefit
from need-based financial aid.
https://files.eric.ed.gov/fulltext/ED502886.pdf
Advisory Committee on Student Financial Assistance. (2008). Apply to succeed:
Ensuring community college students benefit from need-based financial
aid. Retrieved from https://files.eric.ed.gov/fulltext/ED502886.pdf
Advisory Committee on Student Financial Assistance. (2011). Afternoon session:
Nontraditional students. ACSFA Fall 2011 Hearing. Public Hearing
(September 30). Washington DC.
Alban, K., Britt, S. L., Durbank, D., Johnson, M. K., & Lechter, S. (2014).
Financial literacy in higher education: The most successful models and
methods for gaining traction. Washington, D.C.: Coalition of Higher

Education Assistance Organizations. Retrieved from
http://www.coheao.com/wp-content/uploads/2014/03/2014-COHEAO-
Financial-Literacy-Whitepaper.pdf
American Association of Community Colleges. (2019). Community college
enrollment crisis? historical trends in community college enrollment.
Retrieved from https://www.aacc.nche.edu/wp-
content/uploads/2019/08/Crisis-in-Enrollment-2019.pdf
Annabi, A., González-Ramírez, J., & Müller, F. (2018). What determines
financial knowledge among college students? Journal of Financial
Education, 44(2), 344-366. https://www.jstor.org/stable/26775511
Association of Community College Trustees. (n.d.). Cohort Default Rates |
ACCT. Retrieved from https://www.acct.org/page/cohort-default-rates
Avard, S., Manton, E., & English, D. (2005). The financial knowledge of college
freshmen. College Student Journal, 39(2), 321–339.
Bada, S. O., & Olusegun, S. (2015). Constructivism learning theory: A paradigm
for teaching and learning. Journal of Research & Method in Education,
5(6), 66-70. https://doi.org/10.9790/7388-05616670
Baker, A. R., Andrews, B. D., & McDaniel, A. (2017). The impact of student
loans on college access, completion, and returns. Sociology Compass,
11(6). https://doi.org/10.1111/soc4.12480
Baker, A. R., & Montalto, C. P. (2019). Student loan debt and financial stress:
Implications for academic performance. Journal of College Student
Development, 60(1), 115–120. https://doi.org/10.1353/csd.2019.0008

Bandura, A. (1989). Human agency in social cognitive theory. American
Psychologist, 44(9), 1175-1184.
https://doi.org/10.1037/0003-066x.44.9.1175
Barboza, G., Smith, C., & Pesek, J. (2016). Assessing financial literacy, gender
gap and cognitive differences. Journal of Financial Education, 42(3-4),
205-242. http://www.jstor.org/stable/90001150
Bell, L.A (2016). Theoretical foundations for social justice education. In Adams,
M., & Bell, L. A. (Eds.). Teaching for diversity and social justice (3rd ed.)
(pp. 1-26). Routledge.
Bettez, S. C. (2008). Social justice activist teaching in the university classroom. In
J. Deim & R. J. Helfenbein (Eds.), Teaching for diversity and social
justice: A sourcebook (pp. 3-15). Routledge.
Breitbach, E., & Walstad, W. (2016). Financial literacy and financial behavior
among young adults in the United States. In Wuttke E., Seifried J., &
Schumann S. (Eds.), Economic Competence and Financial Literacy of
Young Adults: Status and Challenges (pp. 81-98). Opladen; Berlin;
Toronto: Verlag Barbara Budrich. https://doi.org/10.2307/j.ctvbkk29d
Britt, S. L., Canale, A., Fernatt, F., Stutz, K., & Tibbetts, R. (2015). Financial
stress and financial counseling: Helping college students. Journal of
Financial Counseling and Planning, 26(2), 172–186.
https://doi.org/10.1891/1052-3073.26.2.172
Bruner, J. (2002). Making stories: Law, literature, life (1st ed.).
Farrar, Straus, and Giroux.

Bureau of Consumer Financial Protection. (2019). Financial literacy annual
report. Retrieved from
https://files.consumerfinance.gov/f/documents/bcfp_financial-
literacy_annual-report_2019.pdf
Cabrera, N., Miner, D., & Milem, J. (2013). Can a summer bridge program impact
first-year persistence and performance?: A case study of the new start
summer program. Research in Higher Education, 54(5), 481-498.
http://www.jstor.org/stable/23470959
Cahalan, M. W., Perna, L. W., Addison, M., Murray, C., Patel, P. R., & Jiang, N.
(2020). Indicators of higher education equity in the United States: 2020
historical trend report. Washington, DC: The Pell Institute for the Study
of Opportunity in Higher Education, Council for Opportunity in Education
(COE), and Alliance for Higher Education and Democracy of the
University of Pennsylvania (PennAHEAD).
https://eric.ed.gov/?id=ED606010
Cahalan, M., Perna, L. W., Yamashita, M., Wright-Kim, J. & Jiang, N. (2019).
Indicators of higher education equity in the United States: Historical trend
report. Washington, DC: The Pell Institute for the Study of Opportunity in
Higher Education, Council for Opportunity in Education (COE), and
Alliance for Higher Education and Democracy of the University of
Pennsylvania (PennAHEAD). UpToDate.
Cannon, R., & Goldrick-Rab, S. (2016). Too late? Too little: The timing of
financial aid applications. http://wihopelab.com/publications/Timing-
Financial-AidApplications.pdf
Cataldi, E. F., Bennett, C. T., & Chen, X. (2018). First-generation students:
College access, persistence, and postbachelor’s outcomes. (NCES 2018-
421). U.S. Department of Education. Washington, DC: National Center for
Education Statistics.
https://nces.ed.gov/pubsearch/pubsinfo.asp?pubid=2018421
Chen, X., Nunnery, A., RTI International. (2019). Profile of very low and low-
income undergraduates in 2015-16. Stats in Brief. U. S. Department of
Education NCES 2020-460.
Chen, H. & Volpe, R. P. (1998). An analysis of personal financial literacy among
college students. Financial Services Review, 7(2), 107-128.
https://doi.org/10.1016/S1057-0810(99)80006-7
Chen, H. & Volpe, R. P. (2002). Gender differences in personal financial literacy
among college students. Financial Services Review, 11, 289-307.
Choy, S. (2000). U.S. Department of Education. National Center for Education
Statistics. Low-income students: Who they are and how they pay for their
education, NCES 2000–16. Washington DC: 2000.
https://nces.ed.gov/pubs2000/2000169.pdf
College Board. (2019). Trends in Student Aid 2019. Retrieved from
https://research.collegeboard.org/media/pdf/trends-student-aid-2019-full-
report.pdf
Connelly, F., & Clandinin, D. (1990). Stories of experience and narrative inquiry.
Educational Researcher, 19(5), 2-14. https://doi.org/10.2307/1176100
Contreras, F. E. (2005). The reconstruction of merit post-proposition 209.
Educational Policy, 19(2), 371–395.
https://doi.org/10.1177/0895904804274055
Creswell, J.W. (2018). Educational research: Planning, conducting, and
evaluating quantitative and qualitative research, (6th ed.).
Pearson Publishing
Creswell, J. W., Hanson, W. E., Plano, V. L. C., & Morales, A. (2007).
Qualitative research designs: Selection and implementation. The
Counseling Psychologist, 35(2), 236–264.
https://doi.org/10.1177/0011000006287390
Creswell, J. W., & Miller, D. L. (2000). Determining validity in qualitative
inquiry. Theory Into Practice, 39(3), 124–130.
https://doi.org/10.1207/s15430421tip3903_2
Cude, B. J., Lawrence, F. C., Lyons, A. C., Metzger, K., LeJeune, E., Marks, L.,
& Machtmes, K. (2006). College students and financial literacy: What
they know and what we need to learn, presented at Eastern Family
Economics and Resource Management Association, 102-109. UpToDate.
http://www.fermascholar.org/wp-content/uploads/2013/07/22-college
students-and-fin-literacy.pdf
Cunningham, A. F., & Santiago, D. A., (2008). Student aversion to borrowing:
Who borrows and who doesn’t. Institute for Higher Education Policy and
Excelencia in Education. Retrieved from
http://www.ihep.org/sites/default/files/uploads/docs/pubs/studentaversiont
oborrowing.pdf
Dan Broun, D., Austin, C., & Bryant, J. (2014). Building capability, empowering
students, and achieving success: The financial empowerment for student
success initiative. Achieving the Dream, Inc.
Dewey, J. (1909). Moral principles in education [eBook edition].
Houghton Mifflin.
https://www.google.com/books/edition/Moral_Principles_in_Education/8
V0WAAAAIAAJ?hl=en&gbpv=0
Dubick, J., Mathews, B., & Cady , C. (2016). Hunger on campus: The challenge
of food insecurity for college students. 1–47. Retrieved from
http://studentsagainsthunger.org/wp-
content/uploads/2016/10/Hunger_On_Campus.pdf
Dugan, J. P. (2017). Leadership theory: Cultivating critical perspectives. John
Wiley & Sons.
Dynarski, S., & Wiederspan, M. (2012). Student aid simplification:
Looking back and looking ahead. National Tax Journal,
65(1), 211–234. https://doi.org/10.17310/ntj.2012.1.08

Egan, G. (2010). The skilled helper. Wadsworth.
Eitel, S. J., & Martin, J. (2009). First-generation female college students' financial
literacy: Real and perceived barriers to degree completion. College
Student Journal, 43(2), 616-630. https://eric.ed.gov/?id=EJ872274
Engle, J., Bermeo, A., & O’Brien, C. (2006). Straight from the source what works
for first-generation college students. Pell Institute for the Study of
Opportunity in Higher Education, 1–48.
Engle, J., & Tinto, V. (2008). Moving beyond access: College success for low-
income, first-generation students. Pell Institute for the Study of
Opportunity in Higher Education. UpToDate.
Fletcher, S. L., Newell, D. C., Newton, L. D., & Anderson-Rowland, M. R.
(2001). The wise summer bridge program: Assessing student attrition,
retention, and program effectiveness. In ASEE Annual Conference
Proceedings (pp. 10605-10611).
https://asu.pure.elsevier.com/en/publications/the-wise-summer-bridge-
program-assessing-student-attrition-retent
Fosnacht, K., & Calderone, S. M. (2017). Undergraduate financial stress, financial
self-efficacy, and major choice: A multi-institutional study. Journal of
Financial Therapy, 8(1), 107–123. https://doi.org/10.4148/1944-
9771.1129
Fraser, H. (2004). Doing narrative research: Analyzing personal stories line by
line. Qualitative Social Work: Research and Practice, 3(2), 179–201.
https://doi.org/10.1177/1473325004043383
Freire, P. (2000). Pedagogy of the oppressed (30th anniversary ed.). Continuum.
Fry, R. (2017). U.S. still has a ways to go in meeting Obama’s goal of producing
more college grads. Pew Research. https://www.pewresearch.org/fact-
tank/2017/01/18/u-s-still-has-a-ways-to-go-in-meeting-obamas-goal-of-
producing-more-college-grads/
Fry, R., Parker, K., & Rohal, M. (2014). The changing profile of student
borrowers. Pew Research Center.
https://www.pewsocialtrends.org/2014/10/07/the-changing-profile-of-
student-borrowers/
Furquim, F., Glasener, K. M., Oster, M., McCall, B. P., & DesJardins, S. L.
(2017). Navigating the financial aid process: Borrowing outcomes among
first-generation and non-first-generation students. The ANNALS of the
American Academy of Political and Social Science, 671(1), 69-91.
https://doi.org/10.1177/0002716217698119
Gard, D. R., Paton V. & Gosselin K. (2012). Student perceptions of factors
contributing to community-college-to-university transfer success.
Community College Journal of Research and Practice, 36(11), 833-848,
https://doi.org/10.1080/10668920903182666
Garriott, P. O., Navarro, R. L., & Flores, L. Y. (2017). First-generation college
students’ persistence intentions in engineering majors. Journal of Career
Assessment, 25(1), 93–106. https://doi.org/10.1177/1069072716657533
Goetz, J., Cude, B. J., Nielsen, R. B., Chatterjee, S., & Mimura, Y. (2011).
College-based personal finance education: Student interest in three
delivery methods. Journal of Financial Counseling and Planning, 21(1),
27-42. https://files.eric.ed.gov/fulltext/EJ941874.pdf
Goldrick-Rab, S. (2010). Challenges and opportunities for improving
community college student success. Review of Educational Research,
80(3), 437-469. www.jstor.org/stable/40927288
Goldrick-Rab, S., Baker-Smith, C., Coca, V., Looker, E., & Williams, T. (2019).
College and university basic needs insecurity: A national #RealCollege
survey report. The Hope Center. Retrieved from
https://hope4college.com/wp-
content/uploads/2019/04/HOPE_realcollege_National_repo
rt_digital.pdf
Goldrick-Rab, S., Coca, V., Kienzl, G., Welton, C. R., Dahl, S., & Magnelia, S.
(2020). #RealCollege during the pandemic: New evidence on basic needs
insecurity and student well-being. The Hope Center.
from https://hope4college.com/wp-
content/uploads/2020/06/Hopecenter_RealCollegeDuringthePandemic.pdf
Gonzalez, V., Ahlman, L., & Fung, A. (2019). Student debt and the class of 2018.
14th Annual Report. Project on Student Debt.
https://ticas.org/wp-content/uploads/2019/09/classof2018.pdf
Gregor, M. A., Pino, H. V. G. D., Gonzalez, A., Soto, S., & Dunn, M. G. (2020).
Understanding the career aspirations of diverse community college
students. Journal of Career Assessment, 28(2), 202–218.
https://doi.org/10.1177/1069072719849872
Hackman, H. W. (2005). Five essential components for social justice education.
Equity & Excellence in Education, 38(2), 103–109.
https://doi.org/10.1080/10665680590935034
Hausfather S. J. (1996). Vygotsky and schooling: Creating a social context for
learning. Action in Teacher Education, 18(2), 1-10.
https://doi.org/10.1080/01626620.1996.10462828
Heckman, S. J., & Grable, J. E. (2011). Testing the role of parental debt attitudes,
student income, dependency status, and financial knowledge have in
shaping financial self-efficacy among college students. College Student
Journal, 45(1). https://files.eric.ed.gov/fulltext/EJ1048681.pdf
Henry, M. (2002). Constructivism in the community college classroom. The
History Teacher, 36(1), 65-74. https://doi.org/10.2307/1512495
Hollifield-Hoyle, H., & Hammons, J. (2015). The neglected minority: Interviews
with successful community college students from poverty. Community
College Enterprise, 21(2), 29-61.
https://www.schoolcraft.edu/cce/21.2.29-61.pdf
Hussar, B., NCES; Zhang, J., Hein, S., Wang, K., Roberts, A., Cui, J., Smith, M.,
AIR; Bullock Mann, F., Barmer, A., and Dilig, R., RTI (2020). The
condition of education 2020.
https://nces.ed.gov/programs/coe/indicator_cua.asp
Huston, S. (2010). Measuring Financial Literacy. The Journal of Consumer
Affairs, 44(2), 296-316. www.jstor.org/stable/23859793
Hytten, K., & Bettez, S. C. (2011). Understanding education for social justice.
Educational foundations, 25, 7-24. https://search-ebscohost-
com.proxy.library.ucsb.edu:9443/login.aspx?direct=true&db=eue&AN=5
08207447&site=ehost-live
Institute for College Access & Success. (January 26, 2021). Average cost for
tuition and other fees at universities in the United States from 2000/01 to
2018/19 (in U.S. dollars) [Graph]. In Statista. Retrieved from
https://www-statista-com
Jones, M. G., & Brader-Araje, L. (2002). The impact of constructivism on
education: Language, discourse, and meaning. American Communication
Journal, 5(3), 1-10.
http://www.ac-journal.org/journal/vol5/iss3/special/jones.pdf
Kallison, J. M., & Stader, D. L. (2012). Effectiveness of summer bridge programs
in enhancing college readiness. Community College Journal of Research
and Practice, 36(5), 340–357.
https://doi.org/10.1080/10668920802708595
Kasman, M., Heuberger, B., & Hammond, R. A. (2018). A review of large-scale
youth financial literacy education policies and programs.1-75.
https://www.brookings.edu/wp-
content/uploads/2018/10/ES_20181001_Financial-Literacy-Review.pdf
Kelchen, R., & Goldrick-Rab, S. (2015). Accelerating college knowledge: A
fiscal analysis of a targeted early commitment pell grant program. The
Journal of Higher Education, 86(2), 199–232.
https://doi.org/10.1080/00221546.2015.11777362
Kezar, A., & Yang, H. (2010). The importance of financial literacy. About
Campus, 14(6), 15-21. https://doi.org/10.1002/abc.20004
Klepfer, K., Cornett, A., Fletcher, C., & Webster, J. (2019). Student financial
wellness survey report: Fall 2018 implementation. Trellis Company.
www.trelliscompany.org
Kienzl, G. S., Wesaw, A. J., & Kumar, A. (2012). Understanding the transfer
process. The Institute for Higher Education Policy, (pp. 1–36).
https://secure-
media.collegeboard.org/digitalServices/pdf/advocacy/policycenter/
understanding-transfer-process-community-college-ihep-121217.pdf
Kim, J., A. Morales, R. Allan, and S. Avalos. (2016). Being the “first”: A
narrative inquiry into the funds of knowledge of first generation college
students in teacher education. New Prairie Press, eBooks # 7.
http://newprairiepress.org/ebooks/7
Kornbluh, M. (2015). Combatting challenges to establishing trustworthiness in
qualitative research. Qualitative Research in Psychology, 12(4), 397–414.
https://doi.org/10.1080/14780887.2015.1021941
Laanan, F. S. (2007). Studying transfer students: Part II: Dimensions of transfer
students' adjustment. Community College Journal of Research
and Practice, 31(1), 37-59.
https://doi.org/10.1080/10668920600859947
Lenaburg, L., Aguirre, O., Goodchild, F., & Kuhn, J. U. (2012). Expanding
pathways: A summer bridge program for community college STEM
students. Community College Journal of Research and Practice, 36(3),
153–168. https://doi.org/10.1080/10668921003609210
Lerma, R., Linick, M., Warren-Grice, A., & Parker, L. (2013). The politics of
education: Its development and what is needed for the future for advocacy
leadership in a post-racial America. In Tillman, L. C., & Scheurich, J. J.
(2013). Handbook of research on educational leadership for equity and
diversity (1st ed.) (pp. 22-42). Routledge.
Lim, H., Heckman, S., Montalto, C. P., & Letkiewicz, J. (2014). Financial stress,
self-efficacy, and financial help-seeking behavior of college students.
Journal of Financial Counseling and Planning, 25(2), 148-160.
https://files.eric.ed.gov/fulltext/EJ1048681.pdf
Lin, J. T., Bumcrot, C., Ulicny, T., Mottola, G., Walsh, G., Ganem, R., Kieffer,
C., & Lusardi, A. (2019). The state of U.S. financial capability: The 2018
national financial capability study.

https://www.usfinancialcapability.org/downloads/NFCS_2018_Report_Na
tl_Findings.pdf
Lytle, L., & Gallucci, R. (2015). An evaluation of the University of California,
Santa Barbara’s freshman summer start program: Impact on students and
campus. Summer Academe, 9, 2–19. https://doi.org/10.5203/sa.v9i0.543
Magoon, A. (1977). Constructivist approaches in educational research. Review of
Educational Research, 47(4), 651-693.
http://www.jstor.org/stable/1170004
Mandell, L. (2008). The financial literacy of young American adults. Results of
the 2008 National Jump$tart Coalition Survey of High School Seniors and
College Students. Jumpstart Coalition; Washington D.C: 2009. Retrieved
from https://icfe.org/2008-jumpstart-survey
McKinney, S. A., & Lowenhaupt, R. J. (2013). New directions for socially just
educational leadership: Lessons from disability studies. In Tillman, L. C.,
& Scheurich, J. J. (2013). Handbook of research on educational
leadership for equity and diversity (1st ed.) (pp. 309-326). Routledge.
McLaren, P. (1999). A pedagogy of possibility: Reflecting upon Paulo Freire's
politics of education: In memory of Paulo Freire. Educational Researcher,
28(2), 49–56. https://doi.org/10.2307/1177189
Merriam, S. B., & Tisdell, E. J. (2016). Qualitative research: a guide to design
and Implementation. (4th ed.). Jossey-Bass.

Miller, A. (2013). Institutional practices that facilitate bachelor’s degree
completion for transfer students. Collegiate Transfer: Navigating the New
Normal, 2013(162), 39-50. https://doi.org/10.1002/he.20055
Moline, A. E. (1987). Financial aid and student persistence: An application of
causal modeling. Research in Higher Education, 26(2), 130–147.
https://doi.org/10.1007/bf00992025
Moon Johnson, J. (2014). Back to the basic: Meeting the needs of marginalized
populations on campus. The Vermont Connection, 35(18), 137–142.
Retrieved from https://scholarworks.uvm.edu/tvc/vol35/iss1/18
Moschetti, R. V., & Hudley, C. (2014). Social capital and academic motivation
among first-generation community college students. Community College
Journal of Research and Practice, 39(3), 235–251.
https://doi.org/10.1080/10668926.2013.819304
Mundel, D. (2008). What do we know about the impact of grants to college
students? In S. Baum, M. McPherson, & P. Steele (Eds.), The effectiveness
of student aid policies: What the research tells us. Washington, D.C: The
College Board. Retrieved from
https://www.researchgate.net/profile/Sandy_Baum/publication/265183135
_The_Effectiveness_of_Student_Aid_Policies/links/54748a5b0cf245eb43
6de4cd/The-Effectiveness-of-Student-Aid-Policies.pdf
National Student Clearinghouse Research Center. (2017). Snapshot
report: Contribution of two-year public institutions to bachelor’s
completions at four-year institutions.

https://nscresearchcenter.org/wp-content/uploads/SnapshotReport26.pdf
National Student Clearinghouse Research Center. (2020). Tracking transfer.
from https://nscresearchcenter.org/category/2017/
Odeleye, B. G., & Santiago, J. (2019). A review of some diverse models of
summer-bridge programs for first-generation and at-risk college students.
Administrative Issues Journal Education Practice and Research, 9(1).
https://doi.org/10.5929/9.1.2
Padilla-Díaz, M. (2015). Phenomenology in educational qualitative research:
Philosophy as science or philosophical science? International Journal of
Educational Excellence,1(2).
101-110. https://doi.org/10.18562/ijee.2015.0009
Palmer, L., Bliss, D. L., Goetz, J. W., & Moorman, D. (2010). Improving
financial awareness among college students: assessment of a financial
management project. College Student Journal, 44(3), 659 – 676.
https://link.gale.com/apps/doc/A238474688/AONE?u=callutheran&sid=g
oogleScholar&xid=42bb5619
Pascarella, E. T., Pierson, C. T., Wolniak, G. C., & Terenzini, P. T. (2004). First-
Generation College Students. The Journal of Higher Education, 75(3),
249–284. https://doi.org/10.1080/00221546.2004.11772256
Polkinghorne, D. E. (1988). Narrative knowing and the human sciences. Suny
Press. President’s Advisory Council on Financial Literacy. (2008). 2008
annual report to the president. Washington, D.C: U.S. Department of the

Treasury. Retrieved from https://www.treasury.gov/about/organizational-
structure/offices/domestic-finance/documents/exec_sum.pdf
President’s Transfer Action Team. (2014). Preparing California for its future
enhancing community college student transfer to UC.
University of California Office of the President. UpToDate.
https://www.ucop.edu/transfer-action-team/transfer-action-team-report
2014.pdf
Próspero, M., & Vohra-Gupta, S. (2007). First generation college students:
Motivation, integration, and academic achievement. Community College
Journal of Research and Practice, 31(12), 963–975.
https://doi.org/10.1080/10668920600902051
Radunzel, J. (2018). Examining retention and transfer in relation to incoming
student data for first-generation and continuing-generation students: What
differences exist? Journal of College Student Retention: Research, Theory
& Practice, 23(2), 214–242.
https://doi.org/10.1177/1521025118813516
Radwin, D., Conzelmann, J. G., Nunnery, A., Lacy, T. A., Wu, J., Lew, S., Wine,
J., & Siegel, P., RTI International. (2018). 2015–16 National
postsecondary student aid study (NPSAS:16): Student Financial Aid
Estimates for 2015–16 (NCES 2018-466). U.S. Department of Education.
Washington, DC: National Center for Education Statistics.
UpToDate. http://nces.ed.gov/pubsearch/pubsinfo.asp?pubid=2018466
Redford, J., & Hoyer, K.M. (2017). First-generation and continuing-generation
college students: A comparison of high school and postsecondary
experiences (NCES 2018-009). U.S. Department of Education.
Washington, DC: National Center for Education Statistics.
Reich, K., Neubert, S., Hickman, L. A. (2009). John Dewey between pragmatism
and constructivism. Fordham University Press. Retrieved from
https://catalog.hathitrust.org/Record/006820105/Cite
Remund, D. (2010). Financial literacy explicated: The case for a clearer definition
in an increasingly complex economy. The Journal of Consumer Affairs,
44(2), 276-295. www.jstor.org/stable/23859792
Rhine, T. J., Milligan, D. M., Nelson, L. R. (2000). Alleviating transfer shock:
Creating an environment for more successful transfer students. Community
College Journal of Research and Practice, 24(6), 443-453.
https://doi.org/10.1080/10668920050137228
Robb, C. A. (2011). Financial knowledge and credit card behavior of college
students. Journal of Family and Economic Issues, 32(4), 690–698.
https://doi.org/10.1007/s10834-011-9259-y
RTI International. (2019). First-generation college students: Demographic
characteristics and postsecondary enrollment. Washington, DC: NASPA.
Retrieved from https://firstgen.naspa.org/files/dmfile/FactSheet-01.pdf

Ruark, P. (2020, August 27). The COVID-19 pandemic creates hardship for
college students. Michigan League for Public Policy.
https://mlpp.org/studying-in-the-shadow-of-the-coronavirus-addressing-
college-students-basic-needs-insecurity-during-the-pandemic-and-after/
Sabbaghi, O., Cavanagh S. J., G. F., & Hipskind S. J., T. (2013). Service-learning
and leadership: Evidence from teaching financial literacy. Journal of
Business Ethics, 118(1), 127–137. https://doi.org/10.1007/s10551-012-
1545-6
Saldaña, J. (2016). The coding manual for qualitative researchers. SAGE
Publications.
Saunders M. & Serna I. (2004). Making college happen: The college experiences
of first-generation Latino students. Journal of Hispanic Higher Education,
3(2), 146-163. https://doi.org/10.1177/1538192703262515
Stanton-Salazar, R. (1997). A social capital framework for understanding the
socialization of racial minority children and youths. Harvard Educational
Review, 67(1), 1–41.
https://doi.org/10.17763/haer.67.1.140676g74018u73k
Shapiro, D., Dundar, A., Huie, F., Wakhungu, P. K., Yuan, X., Nathan, A., &
Hwang, Y. (2017). Tracking transfer: Measures of effectiveness in helping
community college students to complete bachelor’s degrees. Herndon,
VA: National Student Clearinghouse Research
Center.
https://nscresearchcenter.org/wpcontent/uploads/SignatureReport13_corre
cted.pdf
Shin, Y., & Lee, J. (2018). Predictors of career decision self-efficacy: Sex,
socioeconomic status (SES), classism, modern sexism, and locus of
control. Journal of Career Assessment, 26(2), 322–337.
https://doi.org/10.1177/1069072717692981
Smith, C. T., & Miller, A. (2009). Bridging the gaps to success: Promising
practices for promoting transfer among low-income and first-generation
students. An in-depth study of six exemplary community colleges in
Texas. Pell Institute for the Study of Opportunity in Higher Education.
Snyder, T.D., de Brey, C., & Dillow, S.A. (2019). Digest of education statistics
2017 (NCES 2018-070). National Center for Education Statistics, Institute
of Education Sciences, U.S. Department of Education. Washington, DC.
https://nces.ed.gov/programs/digest/d17/ch_3.asp
Starobin, S. S., Hagedorn, L. S., Purnamasari, A., & Chen, Y. (2013). Examining
financial literacy among transfer and nontransfer students: Predicting
financial well-being and academic success at a four-year university.
Community College Journal of Research and Practice, 37(3), 216–225.
https://doi.org/10.1080/10668926.2013.740388
Strømnes, Å. L. (1991). Dewey’s view on knowledge and its educational
implications. Critical considerations. Revista Española de Pedagogía,
49(189), 195–217. http://www.jstor.org/stable/23765592

Tanase, M., & Lucey, T. A. (2015). Interdisciplinary connections: Teaching
mathematics for social justice and financial literacy. Journal of
Mathematics & Culture, 9(1), 81-118.
https://journalofmathematicsandculture.files.wordpress.com/2016/05/inter
disciplinary-connections-tanase-update-sep-2015.pdf
Tate, K. A., Fouad, N. A., Marks, L. R., Young, G., Guzman, E., & Williams, E.
G. (2015). Underrepresented first-generation, low-income college
students’ pursuit of a graduate education: Investigating the influence of
self-efficacy, coping efficacy, and family influence. Journal of Career
Assessment, 23(3), 427–441. https://doi.org/10.1177/1069072714547498
The Institute for College Access & Success. (2019). Quick facts about student
debt. Retrieved from
https://ticas.org/files/pub_files/qf_about_student_debt.pdf
The White House. (2015, September 15). FACT SHEET: The President’s plan for
early financial aid: Improving college choice and helping more Americans
pay for college [Press release]. https://obamawhitehouse.archives.gov/the-
press-office/2015/09/14/fact-sheet-president%E2%80%99s-plan-early-
financial-aid-improving-college-choice
The White House President Barack Obama. (n.d.). Higher education.
https://obamawhitehouse.archives.gov/issues/education/higher-education
Theoharis, G. (2007). Social justice educational leaders and resistance: Toward a
theory of social justice leadership. Educational Administration Quarterly,
43(2), 221–258. https://doi.org/10.1177/0013161X06293717

Thomas, D. R. (2003). A general inductive approach for qualitative data analysis.
1-11. Retrieved from
http://www.frankumstein.com/PDF/Psychology/Inductive%20Content%20
Analysis.pdf
Tillman, L.C. & Scheurich, J.J. (2013). Handbook of research on educational
leadership for equity and diversity. Routledge.
Townsend, B. K., & Wilson, K. (2006). "A hand hold for a little bit": Factors
facilitating the success of community college transfer students to a large
research university. Journal of College Student Development,47(4), 439-
456. https://doi.org/10.1353/csd.2006.0052
Tufford, L., & Newman, P. (2010). Bracketing in qualitative research. Qualitative
Social Work, 1-17. https://doi.org/10.1177/1473325010368316
University of California Office of the President. (2017). First-generation student
success at the University of California. UCOP INSTITUTIONAL
RESEARCH AND ACADEMIC PLANNING. UpToDate.
https://www.universityofcalifornia.edu/sites/default/files/First-
Generation%20Student%20Success%20at%20UC%208-2017.pdf
U.S. Bureau of Labor Statistics (2020, September 1). Employment, wages, and
projected change in employment by typical entry-level education.
https://www.bls.gov/emp/tables/education-summary.htm
U.S. Department of Education. (n.d.). Federal versus private loans. Retrieved
from https://studentaid.gov/understand-aid/types/loans/federal-vs-private
U.S. Department of Education. (2011, July 21).
https://www.ed.gov/news/speeches/meeting-president-obamas-2020-
college-completion-goal
U.S. Department of Education. (2015a). Fact sheet: Focusing higher education on
student success. Retrieved from https://www.ed.gov/news/press-
releases/fact-sheet-focusing-higher-education-student-success#_ftn4
U.S. Department of Education. (2015b). Federal pell grant program.
Retrieved from https://www2.ed.gov/programs/fpg/index.html
U.S. Department of Education. (2019). College affordability and completion:
Ensuring a pathway to opportunity. UpToDate. Retrieved from
https://www.ed.gov/college
U.S. Department of Education. (2020a). Federal pell grant program annual data
reports. Retrieved from
https://www2.ed.gov/finaid/prof/resources/data/pell-data.html
U.S. Department of Education. (2020b). Federal student aid. Retrieved
from https://studentaid.gov/understand-aid/types/grants/pell
U.S. Department of Education, National Center for Education Statistics. (2019).
Digest of education statistics, 2017 (NCES 2018-070). Retrieved from
https://nces.ed.gov/programs/digest/d17/ch_3.asp
U.S. Financial Literacy and Education Commission. (2019). Best practices for
financial literacy and education at institutions of higher education.
https://home.treasury.gov/system/files/136/Best-Practices-for-Financial-
Literacy-and-Education-at-Institutions-of-Higher-Education2019.pdf
van Dinther, M., Dochy, F., & Segers, M. (2011). Factors affecting students’ self-
efficacy in higher education. Educational Research Review, 6(2), 95–108.
https://doi.org/10.1016/j.edurev.2010.10.003
Wadsworth, B. J. (1996). Piaget's theory of cognitive and affective development:
foundations of constructivism. 5th ed. Longman Publishers USA.
Retrieved from https://catalog.hathitrust.org/Record/003016560/Cite
Walker, K. Y., & Okpala, C. (2017). Exploring community college students’
transfer experiences and perceptions and what they believe administration
can do to improve their experiences. The Journal of Continuing Higher
Education, 65(1), 35–44. https://doi.org/10.1080/07377363.2017.1274618
Watson, T. D., Malan, H., Glik, D., & Martinez, S. M. (2017). College students
identify university support for basic needs and life skills as key ingredient
in addressing food insecurity on campus. California Agriculture, 71(3),
130–138. https://doi.org/10.3733/ca.2017a0023
White, K., Park, N., Watkins, K., McCoy, M., & Thomas, M. G. (2019). The
relationship between financial knowledge, financial management, and
financial self-efficacy among African-American students.
https://doi.org/10.2139/ssrn.3468751
Whitley, S. E., Benson, G., & Wesaw, A. (2018). First-generation student
success: A landscape analysis of programs and services at four-year
institutions. National Association of Student Personnel Administrators, 1–
84.
https://www.luminafoundation.org/wp-content/uploads/2019/03/first-gen-
student-success.pdf
Winograd, G., Verkuilen, J., Weingarten, A., & Walker , L. (2018). Educational
opportunity program (EOP) at a selective public university: Initial findings
from a longitudinal evaluation study. Learning Assistance Review, 23(1),
61–93. https://files.eric.ed.gov/fulltext/EJ1170150.pdf
Wood, R., & Bandura, A. (1989). Social cognitive theory of organizational
management. The Academy of Management Review, 14(3), 361-384.
https://doi.org/10.2307/258173
Xiao, J. J., Ahn, S. Y., Serido, J., & Shim, S. (2014). Earlier financial literacy and
later financial behavior of college students. International Journal of
Consumer Studies,38(6), 593-601. https://doi.org/10.1111/ijcs.12122
Xing, X., & Rojewski, J. W. (2022). Understanding postsecondary education
enrollment of first-generation students from a social cognitive perspective.
Journal of Career Development, 49(3), 519–537.
https://doi.org/10.1177/0894845320958075
Yang, H., & Kezar, A. (2009). Financial education in TRIO programs.
Institutional Policy Brief. Washington DC: The Pell Institute for the Study
of Opportunity in Higher Education. https://eric.ed.gov/?id=ED508922
Yosso, T. J. (2005). Whose culture has capital? A critical race theory discussion
of community cultural wealth. Race ethnicity and education, 8(1), 69-91.
https://doi.org/10.1080/1361332052000341006
Yosso, T. J., Parker, L., Solórzano, D. G., & Lynn, M. (2004). Chapter 1: From
Jim Crow to Affirmative Action and back again: A critical race discussion
of racialized rationales and access to higher education. Review of Research
in Education, 28(1), 1–25. https://doi.org/10.3102/0091732x028001001
Young, I. M., & Allen, D. S. (2011). Justice and the politics of difference
(Princeton Classics, 122) (Revised ed.). Princeton University Press.
https://doi.org/10.2307/j.ctvcm4g4q
Zapp. D. (2019). 2019 money matters on campus.
https://everfi.com/white-papers/financial-education/2019-money-matters-
report/
Appendix A
Email Invitation for Participation
Greetings Student,
Hope this email finds you well. I am a doctoral student in the Higher Education
Leadership Ed.D. program in the School of Education at California Lutheran
University in Thousand Oaks, CA.
As part of my doctoral journey, I am working on my dissertation study that

focuses on understanding the implications of the Summer Transfer Transition
Program (STTP) on EOP participants’ awareness of financial aid, financial
literacy, and willingness to seek financial support services on campus. I am
reaching out to ask if you would be willing to participate in my research. If you
are interested in participating in this study, you will be invited to a Zoom or over-
the-phone interview, based on your preference. The interview will take
approximately 1 hour. There may also be follow-up email conversations.
Should you agree to participate in this research project, you will receive a $10
Starbucks gift card after the interview is completed.
If you would like to be part of my study please email me at
bcuriel@callutheran.edu.
With appreciation,
Brenda Curiel
Ed.D. Doctoral student
Appendix B
Interview Protocol
Study: Building Bridges Between Transfer Students and Financial Aid

Awareness
Time of Interview:
Date:
Location:
Interviewer:
Interviewee:
Position of Interviewee:
● Below is a script of what I will follow at the beginning of the interview
before asking the interview questions:
Thank you for agreeing to meet with me and to share aspects of your story
related to financial aid awareness, financial literacy, and financial aid attainment.
The purpose of this study is to understand the impact of the Summer Transfer
Transition Program (STTP) on EOP participants' understanding of financial aid
awareness and willingness to seek financial support services at your university.
This interview will be guided by several questions to gain a better sense of your
experiences in STTP.
The duration of the interview will be approximately 1 hour. All
information collected will be held confidential. Your name will not be linked to
this information, and you may choose the pseudonym that will be used in the
study. Do I still have your permission to record this interview? If you’d prefer to
keep your zoom camera off during the interview that is totally fine. Also please
let me know if you’d like to take a pause at any time during the interview. Do you
have any questions before we begin?
Questions:
1. How would you describe your understanding of financial aid and financial
literacy before attending the STTP program?
2. Tell me about your overall experience in the STTP program?
a. Can you share if there were any kind of activities and events in the
STTP program that were related to financial knowledge or
awareness?
i. If so, could you share what you remember learning or
experiencing?
b. Did participation in STTP impact your overall knowledge
regarding financial awareness?
c. Did participation in STTP impact your willingness to reach out to
administrators at the university to seek financial support?
3. How would you describe your knowledge of financial awareness (eg.
spending habits, management of debt, and financial wellbeing) before
attending STTP?
a. Was your financial awareness influenced or impacted by certain
experiences?
b. How would you describe your knowledge of financial awareness
after participating in STTP?
4. How has your financial awareness and financial aid awarded for the
current academic year impacted your overall experience at the university?
a. Were there certain questions you had when you started your
educational journey about the application process to apply for
financial aid? If yes, please describe further.
5. What do you think the university can do to increase financial awareness?
(Walker & Okpala, 2017).
a. What efforts could be made to increase financial literacy (eg.
financial knowledge and utilization of financial literacy tools at a
university campus) and understanding
financial aid systems?
6. Were there any individuals, departments, or programs that you interacted
with that provided financial aid assistance?
7. Were there certain strategies or tools that you may have used that helped
you understand financial aid systems?
8. We only have a few minutes left in the interview, before we end is there
anything else that comes to mind that you would like to share that you
have not mentioned?
Probing questions:
● What do you mean?
● Tell me more about that?
● What does that look like for you?
● Would you expand on that?
● Give me an example of that.
● Walk me through that experience (Merriam & Tisdell, 2016)
**Thank you for your participation in this interview. Your contribution to this
study means a lot not only to me personally, but to the field of higher education.
Please be reassured that the information you shared will be kept confidential and a
pseudonym will be utilized to ensure confidentiality.
● May I have your permission to contact you via email after the interview is
transcribed to verify if the interview accurately captured your responses,
and also to ask if there is any other information you would like to share
with me after you review the transcript?

Appendix C
Flyer Sent to EOP Department for Recruitment of Participants

ProQuest Number: 29165067
INFORMATION TO ALL USERS

The quality and completeness of this reproduction is dependent on the quality
and completeness of the copy made available to ProQuest.
Distributed by ProQuest LLC ( 2022 ).

Copyright of the Dissertation is held by the Author unless otherwise noted.
This work may be used in accordance with the terms of the Creative Commons license
or other rights statement, as indicated in the copyright statement or in the metadata
associated with this work. Unless otherwise specified in the copyright statement
or the metadata, all rights are reserved by the copyright holder.
This work is protected against unauthorized copying under Title 17,

United States Code and other applicable copyright laws.
Microform Edition where available © ProQuest LLC. No reproduction or digitization

of the Microform Edition is authorized without permission of ProQuest LLC.
ProQuest LLC
789 East Eisenhower Parkway
P.O. Box 1346
Ann Arbor, MI 48106 - 1346 USA

Financial Literacy

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Financial Literacy

Uploaded by

Copyright:

Available Formats

CALIFORNIA LUTHERAN UNIVERSITY

Graduate School of Education

Building Bridges Between Transfer Students and

A dissertation submitted in partial satisfaction of the requirements

California Lutheran University

Upon the recommendations of the dissertation committee, this

Edlyn Peña, Ph.D., Committee Chair

Lupe Navarro-Garcia, Ed.D.

Building Bridges Between Transfer Students and Financial Aid Awareness

Doctor of Education in Educational Leadership

low-income, underrepresented students in higher education (Cahalan et al., 2020).

The goal of going to college is often imperiled for first-generation, low-income,

transfer students due to financial challenges and a lack of financial literacy. In

successful matriculation to four-year higher education institutions (Broun et al.,

perceptions and experiences of first-generation, low-income, transfer students

Educational Opportunity Program (EOP) participants’ comprehension of financial

experiences that influenced financial awareness, the challenges surrounding

financial literacy, navigating higher education financial aid systems, and

recommendations to increase financial awareness and financial literacy. The

education institutional practices and policies as it pertains to financial education

and financial literacy across higher education institutions.

Keywords: first-generation students, financial aid, financial literacy, social justice

keep moving forward.

de nunca dejar de luchar.

encouragement as a first-generation college student were critical to my success.

I would like to acknowledge my dissertation committee, Dr. Edlyn Peña,

encouragement, and wisdom. Thank you for always encouraging me to continue

pursuing this wonderful goal of obtaining a doctoral degree.

the professors in the CLU Graduate School of Education program, my classmates

in the doctoral program, as well as Dr. Henri Mondschein. Being on this

I would also like to acknowledge the participants in my study, for their

time, energy, and for trusting in me to share their life experiences.

Finally, I would like to acknowledge the Educational Opportunity

encouragement throughout my doctoral journey.

Abstract of the Dissertation ................................................................................... iv

Chapter 1. Introduction ............................................................................................1

Chapter 2. Literature Review .................................................................................25

Chapter 3. Methodology ........................................................................................77

Chapter 4. Findings ..............................................................................................100

Chapter 5. Discussion ..........................................................................................153

1. Embedding Financial Awareness and Financial Literacy in Summer

Appendix A. Email Invitation for Participation ..............................................213

Appendix B. Interview Protocol .....................................................................214

Appendix C. Flyer Sent to EOP Department for Recruitment of

Community colleges are an important avenue for developing educated and

Miller, 2009). Moreover, this process includes transitioning students from

community colleges to four-year institutions. Institutions of higher education are

skilled contributors are essential to this country’s well-being (U.S. Financial

institutions also play an important role in preparing students to l contribute to the

U.S. economy (U.S. Financial Literacy and Education Commission, 2019).

In February 2009, President Barack Obama announced his higher

educational goal which stated that 60% of 25 to 34-year-olds would complete at

Opportunity in Higher Education (2009) emphasized that “the Obama

year of postsecondary education has placed community colleges at the forefront

41% of 25 to 34-year-olds completed an associate degree; by March 2016, 48% of

to reaching the ultimate objective.

generation, low-income, underrepresented students in higher education (Cahalan

et al., 2020). First-generation students are the first in their families to go to

degree (Engle et al., 2006). For many first-generation college students,

community colleges represent a viable opportunity to reach for their American

However, that goal is imperiled for first-generation, low-income, transfer

successful matriculation to four-year higher education institutions. Gaining an

understanding of what financial resources are available on university campuses is