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Parental support, savings and student loan repayment

Author: Lance Lochner; Todd R Stinebrickner; Utku Suleymanoglu; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 24863.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Using unique survey and administrative data from the Canada Student Loans Program, we document that parental support and personal savings substantially lower student loan repayment problems. We develop a theoretical model for studying student borrowing and repayment in the presence of risky labor market outcomes, moral hazard, and costly earnings verification. This framework demonstrates that non-monetary costs of  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lance Lochner; Todd R Stinebrickner; Utku Suleymanoglu; National Bureau of Economic Research,
OCLC Number: 1048260135
Notes: "July 2018"
Includes online appendix (22 pages, 11 unnumbered pages).
Description: 1 online resource (37 pages, 10 unnumbered pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 24863.
Responsibility: Lance Lochner, Todd Stinebrickner, Utku Suleymanoglu.

Abstract:

Using unique survey and administrative data from the Canada Student Loans Program, we document that parental support and personal savings substantially lower student loan repayment problems. We develop a theoretical model for studying student borrowing and repayment in the presence of risky labor market outcomes, moral hazard, and costly earnings verification. This framework demonstrates that non-monetary costs of applying for income-based repayment assistance are critical to understanding why resources other than earnings lead to greater repayment. We further show that eliminating these non-monetary costs may be inefficient and lead to undesirable redistribution. Empirically, we demonstrate that expanding Canada’s income-based Repayment Assistance Plan to automatically cover all borrowers would likely reduce program revenue by nearly one-half over early years of repayment. Finally, we show how student loan programs can be more efficiently designed to address heterogeneity in parental transfers in the presence of non-monetary earnings verification costs and moral hazard.

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