做大还是买房:学生债务,职业选择和财富积累

Luca Mazzone, M. Folch
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引用次数: 2

摘要

学生贷款对毕业后的选择有什么影响?利用大学内部财政援助政策的变化,我们发现,较高的债务水平会导致提前支付收入、人力资本投资不足和更早拥有住房。然后,我们利用大学毕业生的代表性小组估计了一个生命周期模型,并分析了学生债务、职业选择和住房之间相互作用的机制。我们的研究结果表明,较低的净财富对大学毕业生的职业和住房选择产生了权衡。最后,我们比较了可供选择的政策建议。相对于基准的10年固定还款计划,以收入为基础的还款计划增加了人力资本积累和收入增长,同时推迟了买房的时间。重要的是,将还款与收入挂钩所取得的成果,与更雄心勃勃的“全民上大学”补贴计划所能取得的成果接近。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Go Big or Buy a Home: Student Debt, Career Choices and Wealth Accumulation
What is the impact of student loans on post baccalaureate choices? Using within-college variations in financial aid policies, we find that higher levels of debt induce a front loading of earnings, an underinvestment in human capital and an earlier entry into home ownership. We then estimate a life-cycle model using a representative panel of college graduates and analyze the mechanisms behind the interaction between student debt, career choices and housing. Our results indicate that lower net wealth generates a trade-off between career and housing choices for college graduates. Finally, we compare alternative policy proposals. Relative to the baseline 10-year fixed repayment plan, an income based repayment plan increases human capital accumulation and earnings growth, while postponing entry into home ownership. Importantly, linking repayments to income achieves outcomes that are close to what can be achieved by a more ambitious ”college for all” subsidy plan.
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