Replication data for: Student Loan Nudges: Experimental Evidence on Borrowing and Educational Attainment
Principal Investigator(s): View help for Principal Investigator(s) Benjamin M. Marx; Lesley J. Turner
Version: View help for Version V1
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Project Citation:
Marx, Benjamin M., and Turner, Lesley J. Replication data for: Student Loan Nudges: Experimental Evidence on Borrowing and Educational Attainment. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116531V1
Project Description
Summary:
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We provide the first experimental evidence on the effect of student loans on educational attainment. Loan amounts listed in financial aid award letters ("offers") do not alter students' choice sets but significantly affect borrowing. Students randomly receiving a nonzero offer were 40 percent more likely to borrow than those who received a $0 offer. Per additional borrower, loans increased by $4,000, GPA and completed credits increased by 30 percent, and transfers to four-year public colleges increased by 11 percentage points. Cost-benefit and theoretical analyses suggest nonzero offers enhance welfare, yet over five million students are not currently offered loans.
Scope of Project
JEL Classification:
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D14 Household Saving; Personal Finance
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
I22 Educational Finance; Financial Aid
I23 Higher Education; Research Institutions
D14 Household Saving; Personal Finance
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
I22 Educational Finance; Financial Aid
I23 Higher Education; Research Institutions
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