BUSI885_Task 5-Mabaye-042424

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May 4, 2024

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TASK 5: DRAFT RESEARCH CONCEPT 1 Mabaye, Madjiadoum Accounting Constructivism Flexible Design Single-Case Study Planned Research Design Millennials facing the financial consequences of the government not imposing a cap on the U.S. college tuition.

TASK 5: DRAFT RESEARCH CONCEPT 2 Task 5: Draft Research Concept Table of Contents Research Concept .......................................................................................................................... 3 Problem Statement ........................................................................................................................ 3 Research Questions ........................................................................................................................ 4 Introductory Paragraph ................................................................................................................ 4 Discussion of Research Questions ............................................................................................... 4 RQ1 .......................................................................................................................................... 5 RQ2 .......................................................................................................................................... 6 RQ3 .......................................................................................................................................... 6 Specific Problem Statement Coverage ..................................................................................... 7 Summary ...................................................................................................................................... 8 Methodology ................................................................................................................................... 8 Introductory Paragraph ................................................................................................................ 8 Research Paradigm ....................................................................................................................... 8 Methodology ................................................................................................................................ 9 Summary .................................................................................................................................... 10 Theoretical or Conceptual Research Framework .................................................................... 11 Introductory Paragraph .............................................................................................................. 11 Theoretical or Conceptual Framework Diagram ....................................................................... 12 Theoretical or Conceptual Framework and Design ................................................................... 13 Concepts ................................................................................................................................. 13 Theories .................................................................................................................................. 14 Actors ..................................................................................................................................... 15 Constructs ............................................................................................................................... 16 Summary .................................................................................................................................... 17 Conclusion .................................................................................................................................... 17 References ..................................................................................................................................... 19

TASK 5: DRAFT RESEARCH CONCEPT 3 Research Concept This research identifies the student loan burden associated with the lack of government to impose price caps on college tuition. The student loan system has been running ineffectively for a long time. The government needs to audit the student loan system to find out what does not and replace it with an effective program to help graduate students achieve their dreams. The government's lack of control over student loans has contributed to poverty among millennials, resulting in the inability to build sufficient retirement. Introducing a policy to control and reduce student loan payments will relieve the burden. Problem Statement The general problem to be addressed is the significant student loan burden on graduates, which results in their inability to build a sufficient retirement. Dynan (2020) stated that rising student debt has become a severe concern in the broader economy, leading millennials to struggle with effectively projecting and living the American dream. According to Apergis (2022), the average student debt level increased by 232% between 2006 and 2020, while the consumer index increased by only 21.1%, negatively affecting the US's socioeconomic structure and household income dynamics. Carlson (2020) stated that millennials were twice as likely to report feeling overwhelmed by their financial situation as the older generations (40% vs. 22%) and to express concerns about their financial well-being in retirement. Scott III & Bloom (2022) stated that the imbalance between the cost of education and the salary negatively affects many people's lives because, after graduation, they do not earn enough money to live their dream life, like buying a home or starting a family. The specific problem to be addressed is the significant student loan burden on Northeastern U.S. millennial graduates, which results in their inability to build a sufficient retirement.

TASK 5: DRAFT RESEARCH CONCEPT 4 Research Questions The research questions are designed to guide the research on what angle and concept to focus on and formulate strategic questions to help investigate the root cause of the student loan burden problem. Data will be collected about the student loan burden on millennials, the government's responsibility, and the solutions proposed to reduce the student loan burden through the research questions. The research questions involved in this study include:  RQ1 . What is the extent to which graduate students are unable to build a sufficient retirement due to the student loan burden? o RQ1a How does the impact of student load burden differ between generations?  RQ2. How does income level affect Northeastern U.S. millennial graduates with student loans' ability to save money and build a sufficient retirement?  RQ3. What role does the government play in helping Northeastern U.S. millennial graduates minimize their student load burden to prevent the inability to build a sufficient retirement? Discussion of Research Questions RQ1 The student loan debt is undoubtedly a way to pay for education for people who do not have enough money to pay for college tuition. However, the cost of borrowing that money outweighs its benefit. Millennials need to earn more to keep up with the rising cost of living, limiting their ability to build sufficient retirement due to student loan reimbursement. It is no secret that it can be overwhelming for student loan borrowers to afford both making their debt payments and saving for retirement. According to Apergis (2022), the average cost of college tuition in the U.S. has been rising faster than the nation's general inflation, and paying for college

TASK 5: DRAFT RESEARCH CONCEPT 5 has become a significant concern. The student loan burden, which was intended to be helpful to people, is having a severe impact on the economy and lifestyle of millennials. Various reasons cause people to view a college degree as the way to earn a good life or at least live a desired lifestyle. However, the increasing cost of education puts many students under obligation to take out student loans to pay for college. Some people need help paying for college due to its high cost and give up their dreams of continuing their education after earning their bachelor's degree. Others who took risks to continue to graduate schools would sometimes take additional student loans to pay for college but fail to find a decent-paying job that will help them cover student loan reimbursement while improving their overall living conditions. RQ1a. When comparing the rate at which the cost of education, the cost of living, and the salary, millennials severely suffer the burden of student loans. Gen X and Baby Boomers face retirement, and the consequences of their high student debt could hurt their lives. College tuition and the cost of living tend to increase more often than the average graduate student's wage; thus, the gap between the three burdens the student's borrowers to struggle with it (Webber & Burns, 2021). According to Decker (2020), some studies argue that student debt is a symptom of the economic and administrative obstacles many students face in pursuing a college education and suggest that the government should write off some outstanding debt and repair the student loan system. As outstanding student debt expanded rapidly to more than $ 1.5 trillion in 2019, it is by far the second largest category of household debt after home loans in the U.S. The federal government needs more control over the tuition cost of college education, and the slow-growing average salary system in the U.S. is putting more pressure on graduate college students who take out massive amounts of loans to study and must reimburse them with interest. The soaring

TASK 5: DRAFT RESEARCH CONCEPT 6 amounts of student loan debt are seriously impacting every generation's retirement; however, millennials, in particular, are bearing the ever-higher student loans, with the debt increasing yearly, thus lowering their quality of life. RQ2 This question focuses on determining the root cause of the problem by measuring elements like income, student loan reimbursement, and the ability to save for retirement. Education is a system that gives and receives instructions to help students learn skills they could use to improve themselves. That is why people who want to improve their quality of life would go to school to either learn a trade or to get a college degree. However, the real burden starts when millennials face difficulties earning enough money to keep up with their high student loan reimbursement while trying to improve their lifestyles. The minimum wage decision is made considering elements like employment industry, geographic location, and the skills of workers in that geographic location. However, there are various options that the government can use to help relieve the student loan burden, such as increasing or balancing the cost of education with the income level of college graduates or imposing a cap on college tuition to prevent them from increasing without control. In the economy, wages in a competitive market are determined by the law of supply and demand; therefore, it can translate to an increase in worker demand or a reduction in supply, or workers will increase their wages. A reduction in worker demand or an increase in the supply of workers will reduce the wage (Green & Golo,2021). RQ3 This question focuses on analyzing the effect of student loan payments on saving money for retirement. Currently, the government has not done anything to control the rising cost of education; colleges and universities raise tuition as they desire, and the consequences. Student

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