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Focus on cognitive biases that complicate financial planning, decisions around financial aid options and scholarships, impacting college affordability and financial readiness.

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Focus on cognitive biases that affect academic performance and delay progress, impacting students' ability to maintain a strong GPA and graduate on schedule.

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Focus on cognitive biases that impact financial planning for loan repayment, budgeting, and career decisions, affecting readiness to manage debt and achieve financial stability.

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Focus on cognitive biases that hinder engagement in work-study programs, campus jobs, and work-integrated learning opportunities (internships, apprenticeships, co-ops... industry projects), which help build skills and career readiness.

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Focus on cognitive biases that delay college match, registration, housing, and anything else that affects Day 1 readiness.

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Decision Fatigue is the mental decline in the quality of decisions made after a prolonged period of decision-making, [x leading to hasty, suboptimal, or avoided choices].

Hypothesis: If students experience decision fatigue due to the complexity of scholarship applications, then they will avoid or postpone applying. If so, then pre-filled templates will reduce cognitive load, making them more likely to complete applications and apply for more opportunities

Relevant Research: Gawenda, A.M. (2022). Encouraging student practice using nudge thoery recommendations during study and struggle.https://repository.lib.ncsu.edu/server/api/core/bitstreams/5cf92f82-2c73-41a4-b82b-c698f321b81b/content

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Where this bias occurs

Decision fatigue is a cognitive shortcut that causes irrational trade-offs in decision-making. ² One prominent example is Barack Obama's presidential outfits. He claims to have worn the same colored suits every day so as to limit the number of decisions he has to make. ³ Obama understood decision fatigue and how it can compromise the quality of important choices.

The phenomena of decision fatigue can affect even the most rational and intelligent individuals, as everyone can become mentally exhausted. The more decisions made throughout the day, the harder each decision becomes for us. Eventually, the brain looks for shortcuts to circumvent decision fatigue, leading to poor decision-making.

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When we have to make decision after decison, our capacity to make optimal ones diminishes - this is called decision fatigue.

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Availability bias: define it

Hypothesis

Empirical Research:

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ROBINHOOD

Concretization involves making abstract or complex financial concepts more tangible, clear, and relatable, helping students better understand the long-term impact of their financial decisions. Nudge Design:

A. Personalized Financial Scenarios (Concretizing Aid Impact)

·       Use visual calculators or interactive tools to show students how financial aid will directly reduce their tuition costs.

·       Display real-life scenarios (e.g., “With aid, your monthly loan payment drops from $400 to $150”) to make the savings concrete and relatable.

B. Peer Comparisons with Real Examples

·       Showcase testimonials or case studies from students who received aid.

·       Use concrete language:

·       Abstract: “Financial aid reduces your costs.”

·       Concrete: “With this grant, you’ll save $8,000 over four years, which covers your entire textbook cost.”

C. Framing Financial Aid in Practical Terms

·       Instead of presenting large annual tuition figures, break it down into smaller, relatable amounts (e.g., “With aid, your education will cost $14/day” rather than $5,000/semester).

·       Use everyday spending equivalents to make the aid relatable:

·       “Applying for aid could save you the equivalent of two years of monthly phone bills.”

Implementation Plan:

Create interactive visual tools:

Use financial aid simulators on college websites that show students their personalized cost estimates with and without aid.

Leverage digital nudges:

·       Send emails with personalized cost breakdowns.

·       Include visuals showing potential savings.

Use relatable storytelling:

·       Share video testimonials of students highlighting their financial aid benefits.

·       Display before-and-after tuition statements with clear cost differences.

Example:

A financial aid portal sends personalized emails with the subject line:

“Uday, you can reduce your tuition by $5,000—That’s your textbooks and rent for an entire semester!”

2. Optimism Bias Nudges

Optimism bias makes students overestimate their financial future (e.g., believing they will easily pay off debt or land a high-paying job), reducing their motivation to apply for aid.

Nudge Design:

A. Realistic Debt Projection Tools

Create visual debt calculators that show students the actual loan repayment amounts post-graduation.

Use realistic salary estimates for their field to counter overconfidence.

Example: “If you borrow $40,000, you’ll need to pay $450/month for 10 years after graduation.”

B. Social Norms and Peer Nudges

Use social proof messages to reduce optimism bias:

“85% of your peers applied for financial aid—don’t miss out!”

“3 out of 4 students with similar majors receive financial aid—apply now!”

C. Loss Aversion Framing

Frame aid as avoiding future debt rather than gaining a benefit:

Positive framing: “You can receive $5,000 in aid.”

Loss aversion: “Not applying could cost you $5,000 in unnecessary debt.”

Highlight the consequences of overconfidence:

“Thinking you can pay off student loans easily? Here’s what 10 years of debt really looks like.”

Implementation Plan:

Debt visualizer tools:

Implement interactive calculators showing realistic loan repayment scenarios.

Display estimated monthly payments to combat optimism bias.

Real-world salary projections:

Include career-specific income estimates and debt-to-income ratios.

Email reminders with peer comparisons:

Use social proof in email campaigns with messages like:

“85% of your classmates have already applied for aid. Don’t miss out!”

Example:

When students log in to their financial aid portal, they see:

“Uday, skipping financial aid could cost you $12,000 in extra debt. Apply today!”

3. Procrastination & Time Inconsistency Nudges

Procrastination and time inconsistency lead students to delay or avoid applying for financial aid, missing important deadlines.

Nudge Design:

A. Deadline Reminders with Countdown Timers

Use visual countdowns in emails, apps, and websites to create a sense of urgency.

Example: “Only 3 days left to apply for financial aid—Don’t miss out!”

Include progress bars (e.g., 80% completed) to reduce friction.

B. Commitment Devices and Pre-commitment Pledges

Ask students to make a public or written commitment to apply for aid.

Example: “I pledge to submit my financial aid application by March 30th.”

Use reminder messages linked to their commitment:

“You promised to apply for aid—don’t break your pledge!”

C. Immediate Micro-Rewards for Applying Early

Combat procrastination by offering instant gratification:

Early applicants could receive small incentives (e.g., $5 campus meal voucher).

Framing: “Apply early and enjoy a free coffee on us!”

Implementation Plan:

Automated reminder system:

Send SMS and email reminders with countdowns leading up to the deadline.

Use behavioral triggers: If a student starts but doesn’t finish the form, send a reminder.

Gamify the process:

Use progress bars and goal-tracking visuals on financial aid platforms.

Pre-commitment campaigns:

During orientation or class presentations, have students sign commitment cards to apply for aid.

Example:

Students receive a text:

“Only 2 days left! Apply for financial aid now and avoid missing out on $5,000 in savings. ”

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BARRIERS:

-School doesn’t offer enough options for relevant placements

-Negative association of placement students

-Financial Issues; unpaid work, hard to fit in schedule, takes more time than classes

-Students rarely apply for their own placements and settle for options offered by the school

HYPOTHESIS

-If cognitive overload is causing students to overlook placement options outside of school then making it easier by providing job fairs, resources with contact information for other institutions to better match and narrow down options, and support applying would make it easier and more accessible to apply.

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Group Nightengale: Information Overload and Hyperbolic Discounting

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Group Nightengale: Information Overload and Hyperbolic Discounting

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Barrier: Students can be scared to apply for schools as they may be are burdened by financial barriers and the large numbers displayed at them when doing research and adding up the costs. Students may focus on immediate financial stress rather than future career benefits.

Hypothesis: If students have doubts due to a mismatch between the cost of tuition and what they can afford, then breaking down the cost into different chunks that need to be paid every semester can make the total cost sound more manageable. Also, Students can leverage their social circle to help see the problem from different perspectives (e.g., the more financially savvy individuals in one's circle can help chunk information and provide useful advice) . This will help in reducing cognitive load and ease students mind, thus making them more willing to register for schools.

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Focus on cognitive biases that hinder proactive career preparation, including building LinkedIn profiles, exploring entrepreneurship opportunities at Humber, networking, and leveraging campus resources to improve job prospects and career confidence.

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Psychological barriers: Procrastination due to past negative experiences (learned helplessness due to lack of responses and feedback from potential employers), lack of encouragement, not checking job portals frequently enough (not seeing the opportunities or perceived lack of opportunities), information overload; decision fatigue, planning fallacy; perception of incompetence (that could be a misperception).