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

• 成果类型: Article
• 署名作者: Black, Sandra E.; Denning, Jeffrey T.; Dettling, Lisa J.; Goodman, Sarena; Turner, Lesley J.
• 署名单位: Columbia University; National Bureau of Economic Research; University of Notre Dame; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20210926
• 发表日期: 2023
• 页码: 3357-3400
• 关键词: credit constraints; borrowing constraints; housing wealth; college; recession; education; impacts; debt; CONSEQUENCES; access

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)