FINANCIAL ISSUES EXPERIENCED BY STUDENTS IN PRIVATE HIGHER EDUCATION INSTITUTIONS

NABILAY. ALKANDARI Kuwait University

Tlie study was conducted in order to understand the way in which the financial status of students in Kuwait is affected as a result of enrolling in private higher education institutions. The aim is to analyze whether they face financial issues upon the time of payment and how these issues can be resolved. The analysis was done on a sample of 1280 students taken from three private universities in Kuwait which include the American University of Kuwait, Gulf University for Science & Technology, and Arab Open University-Kuwait Branch. Two private colleges; Australian College of Kuwait and Box Hill College Kuwait; were also part of the study. Results showed that the main aspect where students faced financial issues was the high price of textbooks. Other issues however were secondary in nature and could be attributed to the inability of students to manage their finances or control expenses. The same trend was observed in both genders and across institutions. Although gender difference did not affect student’s behaviors towards financial planning, nationality seemed to play an important part. The recommendations as a result of the findings of this study are to hire an on-campus financial consultant who can help students spend within their means and teach them financial management skills.

Introduction

The competitive job market and the scar­city of employment have led to a surge of student’s enrollment in higher educational institutions. This is so the chances of obtain­ing a job after graduation are increased. Edu­cation has increased in value as perceived by the younger generation (Mogil’chak, 2012). Employers have also started preferring higher qualified candidates for jobs being offered. This is because there is an abundance of grad­uates looking for jobs in a job scarce market. The importance of a college education has mostly boomed in order to keep up with the pace of the rest of the economy. Previous­ly where a degree would set the candidate apart from the crowd, it now only levels the

playing field (Camevale, Jayasundera, & Cheah, 2012).

According to Baum and Ma (2007), bene­fits derived from attending higher educational institutions are personal, financial and affect the graduate throughout the course of his life. The rising cost of tuition and the demand for higher education as a job requirement has led to many students opt for student loans. The crippling global economy has led to an abun­dance of accumulated debt which students are facing difficulties in paying off (Johnstone & Marcucci, 2010). Student debt in USA ex­ceeds $1 Trillion (Burke & Butler, 2012). Ac­cording to Dillon (2011), student debt is now a part of life and has become an imperative cycle in every American student’s life.

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The financial responsibility for higher education, originally borne by the govern­ment and taxpayers is now the responsibility of students and their families (Johnstone & Marcucci, 2010; Vossensteyn, 2009). This financial responsibility is not within the ca­pacity of all families (Kirshstein, 2012). This is because there is a lack of financial planning on part of the families and a lack of clarity in information provided by institutions when it comes to tuition payments. Expenses other than fee and tuition such as living expenses, textbooks, technology, transport and miscel­laneous personal expenses must be taken into consideration (Brown & Proper, 2005).

Rise o f Tuition Fee GloballyThe increase in tuition fee by higher edu­

cation institutions can be attributed to various factors. Some universities increase prices in or­der to set themselves apart from cheaper insti­tutions. Other times, the bloated administration is to blame (Archibald & Feldman, 2010).

England has seen an increase of tuition fee up to $14,000 a year. Unlike the USA, the applicant rate in European countries has dropped. An official statement by the De­partment for Business, Innovation, and Skills claimed that students willing to continue their higher education could do so by obtaining a loan which will only be payable in case the annual income of the student exceeds $33,000 (Global Ticker, 2012).

Tuition fees per student in the USA have increased by five times the inflation rate since 1983. Within the decade between the years 2000-2010, there was a 23% increase in educational cost. Student debt on the other hand has doubled in the last 15 years. Sta­tistics also show that the rate of completion of a graduate degree is only at 57%. This is mainly due to the inability of students to keep up with university costs. A student is expected to be $26,000 in debt at the time of gradua­tion (Economist, 2012). In the academic year

2012/2013, the cost of private colleges had increase by 3.9% and the student aid rose by 6.2% (DeSantis, 2012).

Typical tuition fees from some of the private universities are; Boston University US$43,970; Massachusetts Institute of Tech­nology (MIT) $43,498; Northeastern Uni­versity US$40,780; and Suffolk University US$31,592 (Boston Globe, 2013). In some private American colleges in Minnesota, tu­ition fees are: Carleton College US$46,167; Macalester College US$45,388; Augsburg College US$33,154; and Bethany Lutheran College US$23,950 (Minnesota Private Col­lege Council, 2013).

Rise o f Tuition Fee in KuwaitThe amount charged as tuition fees in

Kuwait varies by institution. The American University of Kuwait (AUK) charges 175 KWD per credit hour. The intensive English Program is for 1,635 KWD and the charges for library usage, technology and student ac­tivity are 15 KWD, 50 KWD and 50 KWD respectively. The university website attempts to provide information to students including payment methods, enrolment deposits, legal contacts, payable charges and fees and the payment options. Students are also given the option of making their payments online (American University of Kuwait, 2012).

The Gulf University for Science & Tech­nology (GUST) charges 175 KWD per credit hour whereas the English Foundation Level course is for 1600 KWD. Charges for com­puter services, student activities and Science Lab usage are 50 KWD, 25 KWD and 20 KWD respectively. 870 KWD is payable before course registration at the time of ad­mission. Similar to AUK, GUST also offers online payment solutions to its students (Gulf University for Science & Technology, 2013). Students may even apply for internal scholarships for one semester which cover 2250 KWD of the cost of the semester. The

FINANCIAL ISSUES EXPERIENCED BY STUDENTS / 467

scholarship is not available to everyone but limited to a select number of students who meet the preset criteria. This entails completing a 30 credit hour course, with a minimum 3.00 GPA. The student should also have a clean record with no history of disciplinary action taken against them and should also be enrolled for at least 15 credit hours at the time of application.

The summer scholarship at GUST is similar to an exchange program where it al­lows students to study up to 6 credit hours at American Universities such as University of Missouri, St. Louis, and Florida Inter­national University. This offer is only for students who are studying full-time at GUST and have a 3.00 GPA. They must also pass a TOEFL with a score of 550 or above (Gulf University for Science & Technology, 2013). The GUST website also gives information regarding payment options, financial aid, Indebtedness and scholarships.

The Kuwait branch of the Arab Open University (AOU) charges a $50 registration fee per semester. Computer science courses are charged at %75 an hour and Business Administration courses are charged $75 an hour (Ministry of Higher Education, Private Universities Council, 2013).

The Australian College of Kuwait (ACK) charges 1695 KWD for the English language program per semester. Business courses are charged 1857 KWD; Engineering courses are charged 2132 KWD while Aviation and Aviation Engineering is charged at 3070 KWD per semester (Australian College of Kuwait, 2011).

Scholarship options at ACK are not as rig­id as those at GUST. ACK offers students to apply for scholarships or aid based on need. This scholarship can be obtained y applying to the Private Universities Council (PUC). This government funded scholarship covers 80% of the tuition fee. The remaining 20% is covered by ACK itself.

Box Hill College Kuwait charges 1625

KWD for their Foundation Program, 1645 KWD for their Business Program, 1670 KWD for their technology program and 1820 KWD for their Applied Arts and Design Program (Ministry of Higher Education, Private Uni­versities Council, 2013).

Students 'Financial ServicesHigher education institutions often pro­

vide financial services to students in order to increase their awareness of financial management. Since many students are new to independent living and face trouble in this regard. Temple University’s financial services do just that. These services include a free ATM network, online banking, incom­ing transfers, e-alerts and overdraft protec­tion. They are also offered deals on new and used cars along with a College Rewards Visa card. An on-campus office of the Philadel­phia Federal Credit Union offers manage­ment services and consultation to students (Temple University, 2013).

The Minnesota Private College Council provides new students with information re­garding the way in which they can finance study. These include scholarship, aid and work options. A DVD with their admission pack also offers information to students and their families about financial management. Other than DVDs, there are various Minne­sota public TV stations which air this infor­mation throughout the day (Minnesota Private College Council, 2013).

Review of Literature

Student debt being a crucial issue for various economies across the globe, ample research has been done in order to better understand the academic and financial situa­tion and use the data derived to correct job scarcity. According to Faulk, Srinivisanm and Bingham (2012), the two factors that af­fect the academic achievements of a student are sources of funds and working to pay for

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tuitions. Sources of funds include employer tuition payment, loans, financial ad, scholar­ships, self-finance and parental assistance.

Harding (2011) found that the financial circumstances of a student had a direct effect on their academic prowess. Financial diffi­culties include waiting for loan payments and the inability to pay semester fee. A study con­ducted by Westefeld et. al. (2005) which was conducted over 1865 college students showed that financial distress was among the leading factor of student suicide. Other factors in the study were family issues and ongoing stress. Several students have been reported to drop out of university as a result of an inability to pay tuition fees.

Another study by Brown and Proper (2005) compared the perception of faculty and students when it came to the price of text­books. Although expected to be different, the results showed that both sides agreed to the rise in cost of textbooks and believed that they should be lowered. High dropout rates can also be attributed to accumulating debt (Elf- fers, 2012; Lee, Donlan & Brown, 2010/2011; Looney, 2011). The most affected group is that of African American and Alaskan origins. These students are highly affected by financial difficulties and have a low rate of retention when it comes to graduate studies.

Student loans are a major threat to edu­cation. Even though loans are not payable until the student graduates, the stress of loan accumulation has been identified as a major factor affecting student drop-put rates in uni­versities. The stress of accumulating debt also affects student productivity and their grades.

This threat has been on the rise in the last decade. Students who lack financial expertise accumulate debt not only in the form of loans but also in the form of credit cards which leaves them in a difficult situation at the time of graduation. Students often pick up low paying jobs which are below their qualifica­tions in order to pay off the loan easily. Most

students begin working before graduation in order to be debt-free by the end of their stud­ies so they can focus on their careers (Dwyer, McCloud, & Hodson, 2012; Chan, Chau & Chan, 2012; Trombitas, 2012). The results of Trombitas’ (2012) study suggested that those giving loans to students should also provide financial consulting services. Not only would this increase financial awareness among stu­dents, it would also ensure that the debtors receive their due amount.

The above studies show the very critical financial situation being faced by students today. The negative effects of these financial setbacks cause trouble not only in their fi­nancial but also academic and personal lives. The lack of basic money management skills or the ability to create budgets aggravates the already sensitive situation. According to Longden (2012/2013), the main factor that needs to be kept in check by institutions is the spending habits of students.

Taking note from previous studies, this re­search aims to understand the current financial issues faced by students enrolled in private higher education institutions in Kuwait. It will also attempt to understand the spending habits of students and try to provide suggestions that may help solve this critical situation.

Research Questions

This research study aims to answer the following questions;

1. What are the financial issues that face students in Kuwait’s private higher edu­cation institutions?

2. Do demographic differences such as type of the institution, gender and na­tionality affect students’ responses?

Method

ParticipantsThe sample consisted of a variety of stu­

dents from private universities and colleges

FINANCIAL ISSUES EXPERIENCED BY STUDENTS / 469

enrolled in higher education institutions in the spring semester 2012. Students were dis­tributed through these institutions as follows: 195 (15.2 %) AUK; 290 (22.7 %) GUST; 280 (21.9 %), AOU; 414 (32.3 %), ACK; and 101 (7.9 %) were from BHCK. The student sam­ple included 780 (60.9 %) females and 500 (39.1 %) males. 955 (74.6 %) of the respon­dents were of Kuwaiti origin while 325 (25.4 %) were non-Kuwaiti.

Instruments used and Data AnalysisThe research follows a descriptive analyti­

cal approach. It aims to infer conclusions from descriptive analysis of statistical data. A 24 item questionnaire was created to enquire about students perceptions regarding the financial is­sues that they face through the course of their studies. The random selection of respondents was asked to answer their questions based on a 5-point Likert scale. The highest number 5

Table 1. Means and Standard Deviation Scores of Students’ Perceptions of Financial Issues

No Variables M SD

1. Inability to bear the costs of the study 3.00 1.239

2. High cost of housing 2.72 1.274

3. High cost of textbooks 3.50 1.240

4. High cost of daily nutrition 3.17 1.266

5. High cost of transportation 2.73 1.250

6. The lack of suitable resource of monthly income 2.97 1.292

7. Inability to pay studying loans on time 2.83 1.270

8. I have large debts resulting from bank loans 2.68 1.317

9. Inability to plan for monthly financial expenses 2.96 1.261

10. Weakness o f the role financial advisor in advising 2.95 1.260

11. I ask friends frequently to give me money 2.43 1.379

12. The large number of costly projects and assignments 3.09 1.296

13. Inadequate source of monthly income 3.22 1.269

14. Lack of getting financial support on time 3.17 1.318

15. Difficulty o f getting a job to get source o f income 3.04 1.268

16. Inability to plan a budget for monthly expenses 3.12 1.228

17. I do not know who can provide guidance to organize monthly expenses 2.85 1.258

18. My direct depend on family affect over getting money 3.12 1.286

19. Visa card leads to excessive payment 3.08 1.288

20. I cannot get financial aid from any resource 2.91 1.314

21. My finances have a low level impact on delaying my graduation 2.77 1.374

22. My finances have a low level negative impact on my psychological health 2.80 1.380

23. I am unable to save money 2.97 1.339

24. I do not have a policy for monthly saving 3.18 1.317

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denoted ‘Strongly Agree' and the lowest num­ber 1 denoted ‘Strongly Disagree’.

Content validity was established through a review of the questionnaire by some facul­ty members. The value of Cronbach’s alpha was .90, indicating a high level of reliability. A t-test was used with confidence level set at p < .05 to indicate differences according to students’ demographic information.

Results

The aim of this research study is to un­derstand the current financial issues faced by students enrolled in private higher education institutions in Kuwait. It will also attempt to understand the spending habits of students and try to provide suggestions that may help solve this critical situation. The results in Table 1 show that the students did not respond towards financial issues in extremes and their and gave average responses. The means of the responses for every item stayed between 2.50 and 3.49.

Students were very dissatisfied with the high price of textbooks showing a mean val­ue of 3.50 which was the highest observed value. Item 11 which analyzed debt from peers, on the other hand showed the lowest value 2.43 among results. This meant that borrowing from fellow students was not a common phenomenon.

Some respondents revealed that they did not have a monthly saving plan. This indi­cates a lack of budget planning on their part. The lack of savings may also be attributed to limited income. Students also did not have any mentors or consultants to guide them regarding their financial state. Some students also expressed a level of dissatisfaction in cases where a financial advisor had been pro­vided. They claimed that the information that they received was not enough or not helpful enough. Some respondents also expressed their inability to pay off their loans to the college or universities in the due date. Finan­cial restrictions also delayed graduation for a

number of students who were enrolled in the university. Negative emotional side effects as a direct result of financial distress were cited by a number of respondents.

The statistical differences between the perceptions of male and female respondents were analyzed using a t-test analysis which indicated significant statistical differences ( t - -5.624, p = .000). The results showed that fe­male students face more financial issues than male students. In addition, there were signif­icant statistical differences between Kuwaiti and non-Kuwaiti students’ perceptions (t = -6.155,p = .000). Non-Kuwaiti students faced more financial issues than Kuwaitis students. However, t-test analysis indicated no statis­tical differences between private university and private college students’ perceptions on financial issues (/= 1.715,/? = .087).

Discussion

The only major financial complaint that students expressed was that of the increasing prices of textbooks which they need to pur­chase every semester. This means that this recurring expense would be borne every se­mester for multiple courses every 4 months. Brown and Proper’s (2005) findings also showed similar results claiming that students were having trouble coping with the prices of textbooks. The educational institutions should offer discounts on prescribed textbooks for courses. An alternative could be providing teachers notes in PDF formats to students. Not only would this eliminate the need of textbooks, it would also result in a lack of paper usage reducing further costs. EBooks are also a reasonable option. These methods however make referring to the book during the class difficult. Another method which has also been implemented on various universi­ties is a book exchange center. These centers buy and sell books used by students who have completed courses. Since most books become obsolete for students one the 4 month course

FINANCIAL ISSUES EXPERIENCED BY STUDENTS / 471

is over. They can redeem some of the money by selling it on the book exchange or obtain another book they need for a future course.

Daily Nutrition was also a problem faced by students. Complete meals were beyond the budgets of students. Most also did not have proper eating habits or the skills to prepare their own food. Most relied on cafeteria food or purchasing readymade food from other outlets. This meant that their eating budgets would exceed. This diet plan is not only un­healthy but expensive. Universities should reduce cost of nutrition within their cafeteria in order to help students save money which could be used for purchasing textbooks or future courses.

Job scarcity is faced by many students after graduation; this makes the employment situation even more difficult for those who are yet to graduate. This is why many students who support their own education are facing difficulties in keeping up with university ex­penses. They are either stuck in low-paying jobs which do not cover all of their expenses or are unable to find employment which re­sults in them dropping out of university. Inter­national students whose families earn in other currencies face difficulties in paying tuition fees o the exchange rate is not favorable in their case.

Students also complained that the monthly resource awards received by the governments were not enough to meet their expenses. The Kuwaiti government has a policy of support­ing unemployed students by giving them monthly income support. Some student loans also contain a monthly stipend which students deemed not to be enough. This behavior may also indicate a problem with the spending and saving habits of students. They might be facing these difficulties because they do not adhere to a budget or a saving plan and easily exceed their income. This might be because they face difficulties in making transitions to their new lifestyles. Being dependent on then-

families for financing, students have not had the opportunity to manage finances before this. This problem can only be solved by edu­cating the students about saving and the ways in which they can plan their monthly budgets. Universities should invest in consultants who would help students go over their finances, and make a monthly and annual plan to see where they will stand financially. Monthly savings can then be redirected into repaying the accumulating loan in case of students in debt. This would enable them to handle then- financial situation as independent individuals.

Another complaint that many students made was that of hidden unforeseeable costs. These were in the form of class projects. Teachers often assign projects which are costly to undertake. Students cited that they did not have a choice when it came to spending in that matter since a lack of spending would result in a lower grade or dialing the course. Teachers should be advised to keep student budgets in mind when assigning course projects.

Students should begin financial planning even before they enroll in universities. A five- year plan which contains information about the tuition fee payable each semester includ­ing living and other educational and recre­ational expenses would help them understand how much they need to earn to pay off then- bills or whether a student loan will be a bet­ter option. Simpson, Smith, Tylor and Chadd (2012) have noted that most students are un­able to pay off loans due to limited funds and knowledge. They identified loans as minor challenges during the course of study. They suggest that reducing interest on debt is man­datory for students. Looney (2011) was also of the same view as opposed to Elffer (2012) who cited it as one of the major reasons of the high student drop-out rate.

Students can manage their finances better if they have steady sources of income. These include part-time jobs, family and credit in­stitutions. Many students who are supporting

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their own studies rely on part-time jobs to finance their education. This income however is divided between living and transport ex­penses which means that it will not be enough o pay off the entire fee for the course. This might lead to delays in graduation and dis­tress leading to depression and poor academic performance. Universities should provide on-campus employment to students who are willing to work.

Parent as a source of income is perhaps the steadiest of situations. Those students whose families have been facing financial stress also face problems in fee payment. One method is getting credit. This may be through getting a student loan or credit cards. Credit cards are easier to obtain than loans which have made it a popular method of paying for university fee. The problem that they face is that credit card monthly fees must be paid off on time. Credit cards however come with many other associated problems. Unlike loans, they can be used to pay for multiple things. This leads to overspending on part of students who are prone to collecting large amounts of debts on the credit cards or exceeding credit lim­its. Smith (2012) concluded that credit cards are a cause of distress for students and have a ripple effect which influences their perfor­mance, drop-out rate and has been identified as a cause of stress, insomnia and depression. Lee et. al. (2010/2011) are of a similar view.

Transport is another problem being faced by students. Those who do not own private transport vehicles, have to opt for public transport. Even private vehicles require up­keep and fuel funds. Public transport on the other hand entails daily fares that need to be paid and take a sizeable chunk out of the bud­get of the student.

Although not offering degree or 4 year graduate courses, private colleges were noted to have similar results as those of universities. It was believed that college students would face lesser difficulties in financing their

education since these courses are of lesser du­ration with fewer course requirements. This indicates that colleges often charge the same as universities. Students that opt for college courses as opposed to university courses end up paying the same amount.

A difference between male and female re­sponses was observed. The study showed that females were more affected by financial dis­tress as compared to males. This result may be affected by the nature of the sample that was taken. The study took into consideration 60% females and 40% males. This means that the results were inflated as a result and it can be determined that the two are facing similar conditions. It can be argued however that the female lifestyle is more expensive as com­pared to that of males which means that they are more prone to exceeding incomes.

Kuwaiti students were seen to be better off than non-Kuwaiti ones. This might be because the Kuwaiti government sends monthly sup­port to Kuwaiti nationals who are unemployed students while the non-Kuwaiti students re­ceive no such remuneration. The exchange rate may also be a reason for the disparity.

Conclusion and RecommendationsThis study concludes that students study­

ing in higher education institutions in Kuwait do not face any major financial challenges. The financial situation in terms of education is not as critical as that of its western coun­terparts and can be controlled at this point to prevent it from reaching that extreme. The only notable expense that faculty and students alike companied of was that of the price of textbooks. Another unexpected result was the lowest mean on the borrowing trend among peers. Results showed that students do not ask their peers for financial help. It was also con­cluded that students do not have any financial consulting services which may go a long way in rectifying the situation. It was also observed that students do not own the skills

FINANCIAL ISSUES EXPERIENCED BY STUDENTS / 473

which will allow them to manage their financ­es in a much more efficient manner leading them to exceed their income.

It is recommended that universities intro­duce better financial consulting services for students and parents. These services should begin even before the student is enrolled in the curriculum in order to avoid any nasty situations in the future. Financial service should also include a financial management course mandatory within all curriculums so students can manage their expenses with pri­or knowledge.

Credit institutions offering loans and credit cards to students should make the terms and conditions on repayment more flexible. Interest rates should be lowered and the repayment term increased. Higher education institutions should also consider the importance of providing students with workshops related to financing their studies, to access benefits from the finance resources such as financial aid, grants, loans, scholar­ships, and part-time work.

Institutions should also encourage students to look for employment opportunities and attempt to provide on-campus jobs for needy individuals. Financial aid which is similar to grants should be offered to students. Since there is no repayment of aid, these grants are especially successful and have a highly positive effect on students. They increase pro­ductivity and perseverance and reduce the at­trition rate (Melquizo, Torres & Jaime, 2011).

Although these measures will be highly effective in controlling financial distress among university students, the major problem lies within the spending habits and money management skills of students. Students should be made aware of their financial sit­uation and educated on how to manage then- expenses not only during but before they en­roll with universities. Obtaining credit cards should be discouraged since it leads to debt accumulation which they are just not ready to

control or pay off. Students who finance their own education; including living, travel and recreational expenses should be advised about budgeting and compartmentalizing their bud­get in order to better pay off their tuition fee with minimal debts.

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