The long-run impact of the Great Recession on student debt
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/31704 |
Resumo: | This paper investigates the effect of local labor market shocks during the Great Recession on subsequent student debt-related outcomes for a panel of 1 million student loan borrowers between the ages 17 and 34 in 2009, following that cohort’s credit reports for the subsequent 10 years. We find that the Great Recession significantly increased student indebtedness, delinquency and default on student debt, and overall non-repayment of student loans. The Great Recession’s effect on student indebtedness amplifies throughout the length of the panel, through 2019. We find that re-enrollment in higher education in response to the recession and declining state and local funding for public institutions are two likely mechanisms by which the recession exerted such a long-term impact on the financial status of student borrowers, beyond the initial economic shock and the sluggish labor market recovery. |
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The long-run impact of the Great Recession on student debtStudent debtHigher educationLabor demand credentializationGreat RecessionThis paper investigates the effect of local labor market shocks during the Great Recession on subsequent student debt-related outcomes for a panel of 1 million student loan borrowers between the ages 17 and 34 in 2009, following that cohort’s credit reports for the subsequent 10 years. We find that the Great Recession significantly increased student indebtedness, delinquency and default on student debt, and overall non-repayment of student loans. The Great Recession’s effect on student indebtedness amplifies throughout the length of the panel, through 2019. We find that re-enrollment in higher education in response to the recession and declining state and local funding for public institutions are two likely mechanisms by which the recession exerted such a long-term impact on the financial status of student borrowers, beyond the initial economic shock and the sluggish labor market recovery.Elsevier2025-10-10T00:00:00Z2023-01-01T00:00:00Z20232024-05-15T11:51:50Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/31704eng0927-537110.1016/j.labeco.2023.102449Pinto, S.Steinbaum, M.info:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-07-07T02:38:55Zoai:repositorio.iscte-iul.pt:10071/31704Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-07-07T02:38:55Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The long-run impact of the Great Recession on student debt |
title |
The long-run impact of the Great Recession on student debt |
spellingShingle |
The long-run impact of the Great Recession on student debt Pinto, S. Student debt Higher education Labor demand credentialization Great Recession |
title_short |
The long-run impact of the Great Recession on student debt |
title_full |
The long-run impact of the Great Recession on student debt |
title_fullStr |
The long-run impact of the Great Recession on student debt |
title_full_unstemmed |
The long-run impact of the Great Recession on student debt |
title_sort |
The long-run impact of the Great Recession on student debt |
author |
Pinto, S. |
author_facet |
Pinto, S. Steinbaum, M. |
author_role |
author |
author2 |
Steinbaum, M. |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Pinto, S. Steinbaum, M. |
dc.subject.por.fl_str_mv |
Student debt Higher education Labor demand credentialization Great Recession |
topic |
Student debt Higher education Labor demand credentialization Great Recession |
description |
This paper investigates the effect of local labor market shocks during the Great Recession on subsequent student debt-related outcomes for a panel of 1 million student loan borrowers between the ages 17 and 34 in 2009, following that cohort’s credit reports for the subsequent 10 years. We find that the Great Recession significantly increased student indebtedness, delinquency and default on student debt, and overall non-repayment of student loans. The Great Recession’s effect on student indebtedness amplifies throughout the length of the panel, through 2019. We find that re-enrollment in higher education in response to the recession and declining state and local funding for public institutions are two likely mechanisms by which the recession exerted such a long-term impact on the financial status of student borrowers, beyond the initial economic shock and the sluggish labor market recovery. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-01-01T00:00:00Z 2023 2024-05-15T11:51:50Z 2025-10-10T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/31704 |
url |
http://hdl.handle.net/10071/31704 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0927-5371 10.1016/j.labeco.2023.102449 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/embargoedAccess |
eu_rights_str_mv |
embargoedAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
mluisa.alvim@gmail.com |
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1817546285508460544 |