Black, Sandra E.Denning, Jeffrey T.Dettling, Lisa J.Goodman, SarenaTurner, Lesley J.2020-10-142020-10-142020-08-01http://hdl.handle.net/10919/100563Growing 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.application/pdfenCreative Commons Attribution-NonCommercial-NoDerivs 3.0educational attainmentstudent debtstudent loanArticlehttps://edworkingpapers.com/sites/default/files/ai20-273.pdf