Second Chance: Life with Less Student Debt

• 成果类型: Article
• 署名作者: Di Maggio, Marco; Kalda, Ankit; Yao, Vincent
• 署名单位: Imperial College London; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Georgia; Georgia State University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082; 1540-6261
• DOI: 10.1111/jofi.70002
• 发表日期: 2026-02
• 页码: 507-550
• 关键词: Consumer bankruptcy; credit; consumption; constraints; liquidity; expenditure; poverty; relief; WEALTH; POLICY

摘要

We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of defaulted borrowers to examine the effects of private student debt relief on borrower outcomes. We find that borrowers who receive debt relief (treated) experience declines in debt balances and delinquency rates on other accounts, and increases in mobility and income relative to those who bear the costs of default like wage garnishment and collections (control). Borrowers in both groups contribute to our findings through different mechanisms. While our estimates may not directly apply to blanket student loan forgiveness, they speak to the benefits of forgiveness in reducing the consequences of debt burden for distressed borrowers.