| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20850 |
| 来源ID | Working Paper 20850 |
| Borrowing Trouble? Student Loans, the Cost of Borrowing, and Implications for the Effectiveness of Need-Based Grant Aid | |
| Benjamin M. Marx; Lesley J. Turner | |
| 发表日期 | 2015-01-19 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We use regression discontinuity and regression kink designs to estimate the impact of need-based grant aid on the borrowing and educational attainment of students enrolled in a large public university system. Pell Grant aid substantially reduces borrowing: among students who would borrow in the absence of a Pell Grant, every dollar of Pell Grant aid crowds-out over $1.80 of loans. A simple model illustrates that our findings are consistent with students facing a fixed cost of incurring debt. The presence of such a fixed cost may lead to the unintended consequence of additional grant aid decreasing some students' attainment. Empirically, we rule out all but modest average impacts of Pell Grant aid on attainment, and we provide suggestive evidence of heterogeneous effects consistent with our fixed-borrowing-cost model. We estimate an augmented Tobit model with random censoring thresholds to allow for heterogeneous fixed borrowing costs, and find that eliminating the fixed cost would increase borrowing by over 250 percent. |
| 主题 | Microeconomics ; Households and Firms ; Public Economics ; National Fiscal Issues ; Health, Education, and Welfare ; Education |
| URL | https://www.nber.org/papers/w20850 |
| 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/578525 |
| 推荐引用方式 GB/T 7714 | Benjamin M. Marx,Lesley J. Turner. Borrowing Trouble? Student Loans, the Cost of Borrowing, and Implications for the Effectiveness of Need-Based Grant Aid. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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