Using data from the 2014-2015 National Student Financial Wellness Study with 5,444 student-loan borrowers from 50 universities in the United States, this study examines the effects of financial literacy and student college lifestyle on use of various decision-making strategies when borrowing for higher education. Findings suggest that financial literacy, and to a lesser extent college student lifestyle, predicted the odds of 1) considering past loan amounts, 2) considering future debt load, 3) borrowing the least possible, 4) planning using a budget, and 5) borrowing the maximum amount. Lifestyle factors associated with these outcomes included, living in a fraternity/sorority, being an athlete, and GPA.
