| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13117 |
| 来源ID | Working Paper 13117 |
| Constrained After College: Student Loans and Early Career Occupational Choices | |
| Jesse Rothstein; Cecilia Elena Rouse | |
| 发表日期 | 2007-05-24 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | In the early 2000s, a highly selective university introduced a "no-loans" policy under which the loan component of financial aid awards was replaced with grants. We use this natural experiment to identify the causal effect of student debt on employment outcomes. In the standard life-cycle model, young people make optimal educational investment decisions if they are able to finance these investments by borrowing against future earnings; the presence of debt has only income effects on future decisions. We find that debt causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid "public interest" jobs. We also find some evidence that debt affects students' academic decisions during college. Our estimates suggest that recent college graduates are not life-cycle agents. Two potential explanations are that young workers are credit constrained or that they are averse to holding debt. We find suggestive evidence that debt reduces students' donations to the institution in the years after they graduate and increases the likelihood that a graduate will default on a pledge made during her senior year; we argue this result is more likely consistent with credit constraints than with debt aversion. |
| 主题 | Microeconomics ; Behavioral Economics ; Public Economics ; National Fiscal Issues ; Health, Education, and Welfare ; Education ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w13117 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570785 |
| 推荐引用方式 GB/T 7714 | Jesse Rothstein,Cecilia Elena Rouse. Constrained After College: Student Loans and Early Career Occupational Choices. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13117.pdf（376KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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