Code for: Debt Moratoria: Evidence from Student Loan Forbearance

Principal Investigator(s):  View help for Principal Investigator(s) Michael Dinerstein, University of Chicago; Constantine Yannelis, University of Chicago; Ching-Tse Chen, University of Chicago

Version:  View help for Version V1

Name File Type Size Last Modified
Fig1_stud_bal.pdf application/pdf 11.6 KB 08/07/2023 05:04:PM
Fig1_stud_due.pdf application/pdf 12 KB 07/06/2023 08:18:AM
Fig2_auto_new_del.pdf application/pdf 12.8 KB 07/06/2023 08:18:AM
Fig2_cred_new_del.pdf application/pdf 12.1 KB 07/06/2023 08:18:AM
Fig2_mort_new_del.pdf application/pdf 12.3 KB 07/06/2023 08:18:AM
Fig2_score.pdf application/pdf 12.3 KB 07/06/2023 08:18:AM
Fig2_stud_new_del.pdf application/pdf 12.2 KB 07/06/2023 08:18:AM
Fig3_auto_bal.pdf application/pdf 11.9 KB 07/06/2023 08:18:AM
Fig3_auto_due.pdf application/pdf 12 KB 07/06/2023 08:18:AM
Fig3_cred_bal.pdf application/pdf 11.7 KB 07/06/2023 08:18:AM
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Project Description

Summary:  View help for Summary We evaluate the effects of the 2020 student debt moratorium. Using administrative credit panel data, we compare borrowers whose loans were frozen with borrowers whose loans were not frozen based on whether the government owned the loans. We estimate that borrowers used the new liquidity to increase borrowing on mortgages, auto loans, and credit cards rather than avoid delinquencies. The effects are concentrated among borrowers without delinquencies, who saw no change in credit scores. The results highlight an important complementarity between liquidity and credit, as liquidity increases the demand for credit even as the supply of credit is fixed.

Scope of Project

Subject Terms:  View help for Subject Terms student loans; debt moratoria; pandemic policy
JEL Classification:  View help for JEL Classification
      G51 Household Finance: Household Saving, Borrowing, Debt, and Wealth
      H81 Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
      I22 Educational Finance; Financial Aid
Geographic Coverage:  View help for Geographic Coverage United States
Universe:  View help for Universe All student loan borrowers in the United States
Data Type(s):  View help for Data Type(s) administrative records data

Methodology

Data Source:  View help for Data Source TransUnion
Unit(s) of Observation:  View help for Unit(s) of Observation Borrowers-month

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Published Versions

V1 [2024-05-14]

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