Understanding Changes in Household Debt by Credit Risk Category: The Role of Credit Score Transitions
In: FEDS Notes No. 2019-06-25
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In: FEDS Notes No. 2019-06-25
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Working paper
In: FEDS Working Paper No. 2018-025
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Working paper
In: Journal of labor economics: JOLE, Band 31, Heft 2, S. 409-420
ISSN: 1537-5307
In: FEDS Working Paper No. 2022-19
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In: Economic Inquiry, Band 58, Heft 2, S. 780-801
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In: FEDS Working Paper No. 2023-25
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In: American economic review, Band 111, Heft 4, S. 1201-1240
ISSN: 1944-7981
We examine US children whose parents won the lottery to trace out the effect of financial resources on college attendance. The analysis leverages federal tax and financial aid records and substantial variation in win size and timing. While per-dollar effects are modest, the relationship is weakly concave, with a high upper bound for amounts greatly exceeding college costs. Effects are smaller among low-SES households, not sensitive to how early in adolescence the shock occurs, and not moderated by financial aid crowd-out. The results imply that households derive consumption value from college, and household financial constraints alone do not inhibit attendance. (JEL G51, I22, I23, I24, I26, I28, J24, J31)
In: CESifo Working Paper No. 8753
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In: NBER Working Paper No. w22679
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In: IZA Discussion Paper No. 13919
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In: FEDS Working Paper No. 2021-53
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In: FEDS Notes No. 2020-09-28-1 https://doi.org/10.17016/2380-7172.2795
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In: NBER Working Paper No. w27658
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In: IZA Discussion Paper No. 15874
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In: American economic review, Band 113, Heft 12, S. 3357-3400
ISSN: 1944-7981
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)