Taking It to the Limit: Effects of Increased Student Loan Availability on Attainment, Earnings, and Financial Well-Being

被引：8

作者：

Black, Sandra E. ^{[1
]}

Denning, Jeffrey T. ^{[2
]}

Dettling, Lisa J. ^{[3
]}

Goodman, Sarena ^{[3
]}

Turner, Lesley J. ^{[4
]}

机构：

[1] Columbia Univ, NBER, IZA, NHH, New York, NY 10027 USA

[2] Univ Notre Dame, NBER, IZA, Notre Dame, IN USA

[3] Fed Reserve Board Governors, Washington, DC USA

[4] Univ Chicago, NBER, Chicago, IL 60637 USA

来源：

AMERICAN ECONOMIC REVIEW | 2023年 / 113卷 / 12期

关键词：

CREDIT CONSTRAINTS; BORROWING CONSTRAINTS; HOUSING WEALTH; COLLEGE; RECESSION; EDUCATION; IMPACTS; DEBT; CONSEQUENCES; ACCESS;

D O I：

10.1257/aer.20210926

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Growing reliance on student loans and repayment difficulties have raised concerns of a student debt crisis in the United States, but little is known about the effects of student borrowing on human capital and long-run financial well-being. We use variation induced by recent expansions in federal loan limits combined with administrative data sets to identify the effects of increased access to student loans on credit-constrained students' educational attainment, earnings, debt, and loan repayment. Increased student loan availability raises student debt and improves degree completion, later-life earnings, and student loan repayment, while having no effect on homeownership or other types of debt. (JEL G51, I22, I23, I26, J24)

引用

页码：3357 / 3400

页数：44

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