Escalating college costs have far-reaching implications, especially for low-income and first-generation students. Lack of financial literacy can negatively affect the success of these learners and may have long-lasting consequences, yet there is a lack of literature about the borrowing and repayment obligations related to student loans of first-generation, academically at-risk Black students. Grounded in social cognitive theory and human capital theory, the purpose of this basic qualitative study was to explore first-generation academically at-risk Black college students' understanding of student loan borrowing and repayment obligations. A semistructured interview protocol with open-ended questions was used to obtain the narrative data from 10 purposefully selected first-generation college students regardless of the current school year, academically at-risk, and self-identify as Black participants. Data were analyzed using axial coding techniques. Three themes emerged: (a) impact of debt, (b) financial instability and financial insecurity, and (c) informed decisions and financial literacy. Results showed that first-generation Black academically at-risk college students, who lacked financial literacy skills, needed support to avoid poor financial behaviors such as accumulating unsustainable debt amounts and lack of long-term financial preparation for college. The results of my study may promote positive social change by addressing the lack of financial literacy relating to student loans, which can inform interventions to improve the standard of living through improvements in financial stability during and after college. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]