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Education Loans And Wealth Building Among Young Adults, Min Zhan, Xiaoling Xiang
Education Loans And Wealth Building Among Young Adults, Min Zhan, Xiaoling Xiang
Center for Social Development Research
This study examines the association between education loans and postcollege wealth accumulation among young adults. Data come from the 1997 National Longitudinal Survey of Youth, and the analyses control for a number of student characteristics, college experiences, and parental income. Results from a treatment-effect model indicate that having education loans upon leaving college is negatively related to postcollege net worth, financial assets, nonfinancial assets, and value of primary housing. Furthermore, having education loans also has a negative impact on the value of net worth among Black young adults. The relationship between the amount of education loans and wealth accumulation is …
Research Summary: Testing Universal College Savings Accounts At Birth: Early Research From Seed For Oklahoma Kids, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Research Summary: Testing Universal College Savings Accounts At Birth: Early Research From Seed For Oklahoma Kids, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
SEED for Oklahoma Kids is a large-scale policy test of automatic and progressive Child Development Accounts (CDAs), and it is the first truly universal model in the United States. The SEED OK CDA is universal in that it opens an Oklahoma 529 College Savings Plan (OK 529) account on behalf of every infant in the treatment group. This report summarizes key findings and conclusions from SEED for Oklahoma Kids research. Even at this early stage, SEED OK research is informing policy and the design of college savings plans at the state level. Amore recent summary of SEED OK research is …
Automatic Deposits For All At Birth: Maine's Harold Alfond College Challenge, Margaret M. Clancy, Michael Sherraden
Automatic Deposits For All At Birth: Maine's Harold Alfond College Challenge, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
The first statewide Child Development Account (CDA) in the United States announced a major change in strategy to automatically enroll all newborns. Evidence from CDA research has contributed to the decision by the College Challenge to remove its original opt-in requirement—in which parents must enroll their newborns in the state’s 529 college savings plan to receive a $500 grant—in favor of universal enrollment—in which every child is enrolled automatically at birth with a $500 grant.
Does Outstanding Student Debt Reduce Asset Accumulation?, William Elliott, Michal Grinstein-Weiss, Ilsung Nam
Does Outstanding Student Debt Reduce Asset Accumulation?, William Elliott, Michal Grinstein-Weiss, Ilsung Nam
Center for Social Development Research
In this study, the authors use the Survey of Consumer Finances (SCF) to assess whether student loan debt is associated with total assets. They find that median 2009 assets for households with no outstanding student loan debt ($207,000) are higher than they are for households with outstanding student loan debt ($174,000). Multivariate statistics indicate that a household with a four-year college graduate, outstanding student loan debt, and median assets ($451,520) in 2007 had $136,73 (36%) less home equity in 2009 than a household with a similar household with no outstanding student loan debt. The main policy implication of this study …