HDFS 3319 Lecture Notes - Lecture 8: Student Loan, Asset Protection, Estate Planning

• School: UConn
• Department: Human Development and Family Studies
• Course: HDFS 3319
• Professor: Carolyn Franzen

Document Summary

Economic stress: defining and measuring economic stress, normative, resulting from expected milestones in the family, marriage, birth of child, situational/nonnormative. Stemming from unexpected events: divorce, retirement, illness, temporary. Short term drop in income due to job loss: chronic. Job insecurity and unemployment associated with: poor physical health, high depressive symptoms, sense of helplessness, staring relationships, damaged self esteem. Loss of time structure, loss of social status, disrupted social networks, reduced opportunities for social contact: net worth: measure of family wealth, family total assets - liabilities = net worth, assets. Individuals: mental and physical health, children, greater educational attainment, community, higher civic and social involvement, the housing bubble of 2007, contributed to great recession, record for home foreclosures. Subprime mortgages developed for poor credit or low income borrowers: debt, mortgage debt. Secured debt: collateral: allows for home ownership, thus increasing wealth, student loan debt, creates human capital, long term rewards, unsecured consumer credit.