Tuition, Debt, and Human Capital

• 成果类型: Article
• 署名作者: Chakrabarti, Rajashri; Fos, Vyacheslav; Liberman, Andres; Yannelis, Constantine
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; Boston College; University of Chicago
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhac065
• 发表日期: 2023
• 页码: 1667
• 关键词: credit constraints; student loans; returns; aid

摘要

This paper investigates the effects of college tuition on student debt and human capital accumulation. We exploit data from a random sample of undergraduate students in the United States and implement a research design that instruments for realized tuition with relatively large changes to the advertised tuition of students who enrolled at the same school in different cohorts. We find that $5,000 in higher tuition causally reduces the probability of graduating with a graduate degree by 3.1 percentage points and increases student debt by $1,480. Higher tuition also leads to a decline in mortgage balances and an increase in credit card delinquencies. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.