@EdWorkingPaper{ai20-273,
title = "Taking It to the Limit: Effects of Increased Student Loan Availability on Attainment, Earnings, and Financial Well-Being",
author = "Sandra E. Black, Jeffrey T. Denning, Lisa J. Dettling, Sarena Goodman, Lesley J. Turner",
institution = "Annenberg Institute at Brown University",
number = "273",
year = "2020",
month = "August",
URL = "http://www.edworkingpapers.com/ai20-273",
abstract = {Growing reliance on student loans and repayment difficulties have raised concerns of a student debt crisis in the United States. However, little is known about the effects of student borrowing on human capital and long-run financial well-being. We use variation induced by recent expansions in federal loan limits, together with administrative schooling, earnings, and credit records, to identify the effects of increased student borrowing on credit-constrained students’ educational attainment, earnings, debt, and loan repayment. Increased student loan availability raises student debt and improves degree completion, later-life earnings, and student loan repayment while having no effect on homeownership or other types of debt.},
}