ChatGPT, Finances, and Degree Attainment: Increasing Generative Artificial Intelligence (AI) Utilization and Implications for Students' Decision-Making

Students’ decision-making related to attending college for science, technology, engineering, and mathematics (STEM) degrees and retaining them within those fields continue to be of focus, especially when considering the national goal of satisfying industry, private, and public sector workforce needs. This is particularly important when considering growing national security concerns and ongoing high cybersecurity and climate change workforce demands. However, despite concerted efforts, low enrollment and student attrition continue to be a challenge, even more so since the onset of the global pandemic. Simultaneously, the utilization of generative artificial intelligence (AI) has seen a sharp increase since 2022 by various stakeholders, most notably college students. Additionally, faculty are encouraged by their higher education institutions to incorporate these tools within classrooms for several reasons, including demands from industry for students to gain knowledge and experience with generative AI tools. Given the importance of understanding the ongoing issue of STEM degree attrition and the increasing utilization of generative AI, this research study explored these two areas using ChatGPT, one of the world's most utilized generative AI language models, within the process. The first research question (RQ#l) is: What is the top reason why students do notfinish college? The response provided solely emphasized finances and/or financial constraints. Based on that answer, the second research question (RQ #2) was: Is getting a college degree worth the cost? RQ #2 was explored to allow a deeper understanding of the initial research question from a different angle. Both questions were analyzed through the lens of two theoretical frameworks, the human capital theory and the principal-agent theory, and results were compared to the literature as a form of research validation. This research study is essential as there is an ongoing increase in the utilization of generative AI in homes, K-12 institutions, and higher education for everyday knowledge, formal and informal education. When considering that soon-to-be and current college students may be using these generative AI tools to make decisions related to pursuing and/or retaining their educational status, it is essential to explore how generative AI system outputs align with what has been researched and documented in the literature. Therefore, this research study explored the application of ChatGPT and the system's responses to research questions as a form of document analysis and analyzed those results using triangulation as a form of validation. The analysis and results of this study contributed directly to the recommendations and feedback to the owners of ChatGPT - OpenAI. Additionally, the results highlighted a need for increased focus on AI ethics related to data input, data output, access to the system, and who has a seat at the table as the company recommends, approves, and implements changes. Limitations of this study are provided along with an overarching concluding statement.