Browsing by Author "Black, Sandra E."
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- Taking It to the Limit: Effects of Increased Student Loan Availability on Attainment, Earnings, and Financial Well-BeingBlack, Sandra E.; Denning, Jeffrey T.; Dettling, Lisa J.; Goodman, Sarena; Turner, Lesley J. (Annenberg Institute at Brown University, 2020-08-01)Growing reliance on student loans and repayment difficulties have raised concerns of a student debt crisis in the United States. However, little is known about the effects of student borrowing on human capital and long-run financial well-being. The authors use variation induced by recent expansions in federal loan limits, together with administrative schooling, earnings, and credit records, to identify the effects of increased student borrowing 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.