| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23284 |
| 来源ID | Working Paper 23284 |
| Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs | |
| Holger M. Mueller; Constantine Yannelis | |
| 发表日期 | 2017-03-27 |
| 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 | Public Economics ; Health, Education, and Welfare ; Education ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w23284 |
| 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/580958 |
| 推荐引用方式 GB/T 7714 | Holger M. Mueller,Constantine Yannelis. Students in Distress: Labor Market Shocks, Student Loan Default, and Federal Insurance Programs. 2017. |
| 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 | ||
| w23284.pdf（1018KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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