收入驱动型还款对学生借款人结果的影响

IF 5.5 1区经济学 Q1 ECONOMICS

American Economic Journal-Applied Economics Pub Date : 2023-01-01 DOI:10.1257/app.20200362

Daniel Z. Herbst

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引用次数: 4

摘要

在美国，大多数学生贷款遵循固定的还款时间表，在借款人职业生涯的早期就开始了。这种结构没有提供针对收入风险的保险，可能会增加学生贷款违约。收入驱动还款(IDR)计划旨在帮助陷入困境的学生借款人，将他们的月供降低到收入的一部分。使用贷款服务机构自动拨号系统中的随机变化，我发现IDR将拖欠率降低了22个百分点，并在8个月内减少了未偿余额。我发现对借款人信用评分、抵押贷款持有利率和其他财务健康指标的长期影响具有启发性。(凝胶g23, g51, h52, i22)

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The Impact of Income-Driven Repayment on Student Borrower Outcomes

In the United States, most student loans follow a fixed payment schedule that falls early in borrowers’ careers. This structure provides no insurance against earnings risk and may increase student loan defaults. Income-driven repayment (IDR) plans are designed to help distressed student borrowers by lowering their monthly payments to a share of income. Using random variation in a loan servicer’s automatic dialing system, I find that IDR reduces delinquencies by 22 percentage points and decreases outstanding balances within eight months of take-up. I find suggestive long-run impacts on borrower credit scores, mortgage-holding rates, and other measures of financial health. (JEL G23, G51, H52, I22)

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来源期刊

American Economic Journal-Applied Economics ECONOMICS-

CiteScore

9.10

自引率

1.60%

发文量

期刊介绍： American Economic Journal: Applied Economics publishes papers covering a range of topics in applied economics, with a focus on empirical microeconomic issues. In particular, we welcome papers on labor economics, development microeconomics, health, education, demography, empirical corporate finance, empirical studies of trade, and empirical behavioral economics.