G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11938
DP11938 Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs
Holger Mueller; Constantine Yannelis
发表日期2017-03-24
出版年2017
语种英语
摘要The collapse in home prices during the Great Recession triggered a sharp drop in consumer demand by households, leading to massive employment losses. This paper examines the implications of these labor market shocks for the dramatic rise in student loan defaults, which originated during this time period. Linking administrative student loan data at the individual borrower level to de-identified tax records and exploiting Zip code level variation in home price changes, we show that the drop in home prices during the Great Recession accounts for approximately 24 to 32 percent of the increase in student loan defaults. Consistent with a labor market channel, we find a strong relationship between home prices, employment losses, and student loan defaults at the individual borrower level, which is concentrated among low income jobs. Comparing the default responses of home owners and renters, we find no evidence of a direct liquidity effect of home prices on student loan defaults. Lastly, we show that the Income Based Repayment (IBR) program introduced by the federal government in the wake of the Great Recession reduced both student loan defaults and their sensitivity to home price fluctuations, thus providing student loan borrowers with valuable insurance against adverse income shocks.
主题Financial Economics ; Labour Economics
关键词Student loan default Labor market shocks Great recession
URLhttps://cepr.org/publications/dp11938
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/540750
推荐引用方式
GB/T 7714
Holger Mueller,Constantine Yannelis. DP11938 Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs. 2017.
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