Student loans, budgeting, and credit: What college students need from peer financial wellness mentors

This qualitative study explored the financial topics college students commonly seek help with from collegiate peer financial mentors. Using purposive sampling, we recruited 54 peer financial wellness mentors from seven institutions of higher education with established peer mentoring programs between 2020 and 2023. Participants completed 22 virtual focus groups organized by institution. Three core themes emerged regarding the financial topics students most frequently sought mentoring for: (1) understanding student loans, (2) learning to budget, and (3) understanding credit, including building credit, managing credit card debt, and using credit cards responsibly. Peer financial wellness mentors also described challenges when providing financial information, particularly related to financial aid and investing. Mentors reported that supervisors often cautioned them against discussing certain financial aid topics or providing specific investment guidance. Findings highlight both the financial concerns commonly brought to peer mentors and the boundaries that can shape peer financial wellness programs.