| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20849 |
| 来源ID | Working Paper 20849 |
| Student Loans and Repayment: Theory, Evidence and Policy | |
| Lance Lochner; Alexander Monge-Naranjo | |
| 发表日期 | 2015-01-19 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain enough credit for college and the extent to which they are able to repay their student debts after. We then discuss optimal student credit arrangements that balance three important objectives: (i) providing credit for students to access college and finance consumption while in school, (ii) providing insurance against uncertain adverse schooling or post-school labor market outcomes in the form of income-contingent repayments, and (iii) providing incentives for student borrowers to honor their loan obligations (in expectation) when information and commitment frictions are present. Specifically, we develop a two-period educational investment model with uncertainty and show how student loan contracts can be designed to optimally address incentive problems related to moral hazard, costly income verification, and limited commitment by the borrower. We also survey other research related to the optimal design of student loan contracts in imperfect markets. Finally, we characterize key features of efficient student loan programs that provide insurance while addressing information and commitment frictions in the market. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Public Economics ; Taxation ; National Fiscal Issues ; Health, Education, and Welfare ; Education ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w20849 |
| 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/578524 |
| 推荐引用方式 GB/T 7714 | Lance Lochner,Alexander Monge-Naranjo. Student Loans and Repayment: Theory, Evidence and Policy. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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