Federal Student Loan Program: Quantitative Implications for College Enrollment and Default Rates

Anamaria Felicia Ionescu
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引用次数: 72

Abstract

I quantify the effects of alternative student loan policies on college enrollment, borrowing behavior, and default rates in a heterogeneous model of life-cycle earnings and human capital accumulation. I find that the combination of learning ability and initial human capital stock drives the decision to enroll in college while parental wealth has minimal effects on enrollment. Repayment flexibility increases enrollment significantly, whereas relaxation of eligibility requirements has little effect on enrollment or default rates. The former policy induces substantial welfare gains for bottom income quantiles, while the latter implies minimal welfare gains for bottom income quantiles.
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联邦学生贷款计划:对大学入学和违约率的定量影响
在生命周期收入和人力资本积累的异质模型中,我量化了不同的学生贷款政策对大学招生、借贷行为和违约率的影响。我发现,学习能力和初始人力资本存量的结合推动了进入大学的决定,而父母的财富对入学率的影响最小。还款灵活性大大增加了入学率,而放宽资格要求对入学率或违约率几乎没有影响。前一项政策为底层收入人群带来了可观的福利收益,而后者意味着底层收入人群的福利收益最小。
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