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Student loans: do college students borrow too much - or not enough?

The Journal of economic perspectives, 2012, Vol.26 (1), p.165-192 [Peer Reviewed Journal]

Copyright © 2012 American Economic Association ;Copyright American Economic Association Winter 2012 ;ISSN: 0895-3309 ;EISSN: 1944-7965 ;DOI: 10.1257/jep.26.1.165

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Title:
Student loans: do college students borrow too much - or not enough?
Author: Avery, Christopher ; Turner, Sarah E
Subjects: Academic degrees ; Bachelors degrees ; Bildungsertrag ; Borrowing ; Career development ; College graduates ; College students ; Colleges ; Credit market ; Economic conditions ; Economic theory ; Educational expenditure ; Framing ; Full time students ; Graduates ; High school graduates ; High school students ; Investment returns ; Kredit ; Loans ; Student ; Student loans ; Students ; Studienfinanzierung ; Studies ; Symposium: Higher Education ; USA
Is Part Of: The Journal of economic perspectives, 2012, Vol.26 (1), p.165-192
Description: Total student loan debt rose to over $800 billion in June 2010, overtaking total credit card debt outstanding for the first time. By the time this article sees print, the continually updated Student Loan Debt Clock will show an accumulated total of roughly $1 trillion. Borrowing to finance educational expenditures has been increasing—more than quadrupling in real dollars since the early 1990s. The sheer magnitude of these figures has led to increased public commentary on the level of student borrowing. We move the discussion of student loans away from anecdote by establishing a framework for considering the use of student loans in the optimal financing of collegiate investments. From a financial perspective, enrolling in college is equivalent to signing up for a lottery with large expected gains—indeed, the figures presented here suggest that college is, on average, a better investment today than it was a generation ago—but it is also a lottery with significant probabilities of both larger positive, and smaller or even negative, returns. We look to available—albeit limited—evidence to assess which types of students are likely to be borrowing too much or too little.
Publisher: Nashville: American Economic Association
Language: English
Identifier: ISSN: 0895-3309
EISSN: 1944-7965
DOI: 10.1257/jep.26.1.165
Source: AUTh Library subscriptions: ProQuest Central

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Student loans: do college students borrow too much - or not enough?

Copyright © 2012 American Economic Association ;Copyright American Economic Association Winter 2012 ;ISSN: 0895-3309 ;EISSN: 1944-7965 ;DOI: 10.1257/jep.26.1.165

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