Education Economics Commons^™

Solving Affordability Challenges In Education, Housing And Childcare, Brad J. Hershbein, Michelle Miller-Adams, Brian J. Asquith, Chloe R. Gibbs

Presentations

These three presentations emphasize that affordability challenges across education, housing, and childcare stem from structural market and policy frictions, and that effective solutions require coordinated public investment, simplified systems, and attention to both supply and demand. The first presentation argues that while college tuition growth has slowed and aid has increased, affordability challenges persist due to complexity, misperceptions, and uneven costs, and it advocates for simple tuition-free programs combined with investments in advising, streamlined pathways, and stronger school-to-work connections. The second presentation highlights a growing housing affordability crisis in the Rust Belt driven by aging housing stock and limited supply, …

The Hypocrisy Of The Wizards—A Proposal To Correct Incentives In Higher Education Loan Financing, Caden Benedict

School of Public Policy Capstones

This paper explores the origins of the student loan debt crisis and proposes tying university incentives to graduates' repayment plans and disclosing median earnings for degrees before students apply. Specifically, while there are numerous factors explaining why the price of education has increased dramatically since the 1970s, this paper proposes solutions that will specifically target university moral hazards by requiring universities fund: (1) the current subsidies to federal student loan repayments under income-driven plans as the House of Representatives intended before the Senate removed "risk-sharing," and (2) bankruptcy law discharge amounts. Moreover, requiring universities to disclose the median earnings of …

How College Affordability Has Changed For Different Families, Peter Hinrichs

Employment Research Newsletter

No abstract provided.

How College Affordability Has Changed For Different Families, Peter Hinrichs

Upjohn Institute Policy and Research Briefs

No abstract provided.

How Much Can Families Afford To Pay For College?, Peter Hinrichs

Upjohn Institute Working Papers

This paper studies families’ capacity to pay for college in the United States, focusing on changes over time and differences by race and socioeconomic status. I use data from the National Postsecondary Student Aid Study (NPSAS) to document changes over time in the Expected Family Contribution (EFC) from the Free Application for Federal Student Aid (FAFSA). The results suggest that the EFC has been rising over time, and that this has been driven primarily by families in the upper quartile of the income distribution. I then use data from the Panel Study of Income Dynamics (PSID) to calculate alternative measures …

Debt Decisions: The Effects Of Paying For College In The United States With Student Loans, Kim E. Bullington, David J. Thomas, Minghui Hou, William L. Nuckols, Dennis E. Gregory, Joshua L. Howell, Kaycee L. Bills, Amy-Leah Joaquim

Educational Leadership & Workforce Development Faculty Publications

Student loans have increasingly become a burden on individuals. This qualitative analysis explores how structural inequities and financial literacy gaps influence U.S. student loan borrowers’ decisions to finance postsecondary education. The study highlights racial and economic disparities examining participants’ reflections on debt aversion and systemic barriers to equitable access. We asked why participants took out Federal student loans, asked about their decision processes when taking on debt, whether participants took any action to reduce accumulated debt, and if they’d made any discoveries about their decisions to take on student loan debt. After coding and a thematic analysis, five themes and …

Public Service Loan Forgiveness: A Historical Overview And Practical Implications For Higher Education Practitioners, Allison Maldonado, Z.W. Taylor, Patrick Ziegler, Elizabeth A. Rainey, Debra Carter, Dana George, Karla A. Weber-Wandel

Essays in Education

Although student loan forgiveness continues to remain in the headlines within United States higher education contexts, relatively little is known about the origins of the public service loan forgiveness (PSLF) program, federal policy that has shaped the borrowing patterns of public servants for decades. Moreover, as one of the largest student loan forgiveness programs available through the U.S. federal government, higher education practitioners would benefit from a historical overview of the PSLF program to provide context, as well as offer practical implications for practitioners working with student loan borrowers seeking entry to a public field of work. As a result, …

Understanding Undergraduate Student Borrowing In China: A Qualitative Analysis, Hanwen Zhang

Journal of Student Financial Aid

As China moved from elite to mass higher education, student borrowers as the product of state intervention have surged. Yet little attention has been paid to their voices. This study conducts reflexive thematic analysis with a qualitative inquiry into lived experiences of 41 current borrowers. A five-factor typology of debt attitudes yields a dynamic explanation of debt and repayment complexities. Students perceive borrowing as an investment in human and social capital. They are, however, cautious of consumer credit. Far from being a deterrent or added burden, educational indebtedness grants them a measure of freedom and autonomy in college. And they …

Lower Tuition, Eliminate Debts, And Enjoy Your Education, Damon Dejesus

English Department: Research for Change - Wicked Problems in Our World

College students live in a world where financial struggles and hardships take away from a lot of their freedoms after graduation. The ongoing student debt issues have crippled many of their freedoms and put limitations on the various luxuries they should be able to enjoy after completing the long journey of getting a degree. Through a few simple yet effective methods I think that there are ways to combat this wicked problem, things such as lowering the price of tuition, distributing more financial aid to students, and reducing the rate of interest attached to loans that some students may be …

A Case Study Of Undergraduate Debt, Repayment Plans, And Postbaccalaureate Decision-Making Among Black Students At Hbcus, Dominique J. Baker

Journal of Student Financial Aid

High payments and default on undergraduate debt have consequences; they are of national concern if aversion to debt deters students from making optimal postbaccalaureate decisions on postbaccalaureate educational aspirations, enrollment, and early-career occupation. I conducted two semi-structured interviews, near graduation and six months later, with six recent graduates of an HBCU who borrowed at some point in their undergraduate career and were required to complete federal exit counseling. I found that the relationship between undergraduate debt and postbaccalaureate decision-making is partially explained by the themes of timing and structure of information, family as a source of knowledge, comfort with the …

A Framework For Thinking About Law School Affordability, Sandy Baum, Accesslex Institute

Commissioned Research

This research report, authored by Sandy Baum, Ph.D., explores the most constructive ways to think about the affordability of legal education in the context of trends in law school enrollment, prices, debt and employment. However, the report cautions that law school affordability cannot be evaluated through simple metrics; it must be measured by taking into account the lifetime value of the investment. The report was commissioned by AccessLex Institute to add to the public discourse about what makes law schools affordable for students in different circumstances.

Financing Graduate And Professional Education: How Students Pay, Sandy Baum, Patricia Steele

Commissioned Research

This brief examines how students finance their graduate and professional education. It summarizes the sources of funds used to cover the tuition and fees universities charge, as well as living expenses. Institutions set a “cost of attendance” (COA) for students, estimating the average budget for one academic year (fall through spring). COA includes tuition and fees, books and supplies, room and board, transportation, and other living expenses, and it establishes the maximum amount students can borrow in federal student loans to attend a particular school. These official budgets serve as the foundation for the discussion that follows about how graduate …

Graduate And Professional School Debt: How Much Students Borrow, Sandy Baum, Patricia Steele

Commissioned Research

There is wide variation in how students cover tuition and living expenses while they pursue graduate and professional degrees. Most research doctoral degree students attending public and private nonprofit schools benefit from generous institutional fellowships and assistant ships that cover a significant portion of their expenses. But master’s degree students in all sectors cover most of their expenses with earnings from employment and federal student loans. Borrowing is particularly important for professional degree students, most of whom have neither earnings from employment during the academic year nor grants and fellowships to cover tuition and living expenses while they are enrolled. …

Student Loan Debt: An Interpretative Phenomenological Study Of The Impact Of Indebtedness On The Lived Experience Of Educators, Heath Ryan Sanders

Student Theses and Dissertations

The purpose of the study was to increase the contextual knowledge of the impact of student loan debt on educators by examining their experiences of student loan debt during repayment, the perception of indebtedness, the altered meaning of education, and essence of student loan debt. Semi-structured, 30-60 minute, in-depth interviews were utilized to collect data with the study employing Interpretative Phenomenological Analysis to analyze the experience of repaying student loan debt. The criterion sample consisted of educators employed within full-time instruction of students at primary, secondary, or post-secondary institutions with over $30,000 in student loan debt who had actively repaid …

Graduate Student Financial Support : An Empirical Profile, Thomas Enderlein

Legacy Theses & Dissertations (2009 - 2024)

This study investigated how U.S. graduate students financed their Master’s and doctoral programs in 2011-2012. In particular, it focused on students who were eligible to receive Federal financial aid and loans during that year, using a sample of graduate students included in the restricted-use version of the National Postsecondary Student Aid Study. This study rests its analyses and situates extant literature largely against Human Capital Theory, with return on investment as an underlying rationale for the allocation and use of different forms of Non-family, Non-repayable support for graduate studies. The goal of the study was to sort out the extent …

Reconciling The Rhetoric And Reality Of Student Loan Debt, Elizabeth Akers

Brookings Scholar Lecture Series

Student loan debt has increased over the past three decades. This lecture will identify the factors that led to that increase in student loan debt what economic and social factors drove that increase. The talk will also consider the economic effects of increased or decreased earnings generated by individuals with student loan debt. This analysis will present data to assess the validity of several widely-held beliefs about the impact of student loan debt in the United States (e.g., increased student loan debt is depressing the housing market) and apply data-backed evidence to determine ways in which current and proposed policies …

Loan Counseling For Graduate And Professional Students, Patricia Steele, Chad Anderson

Commissioned Research

This report provides an overview of existing literature that examines loan counseling and financial literacy for graduate and professional students, and includes actionable recommendations for stakeholders to better support students in making optimal financial decisions about their loans and other aspects of their personal finances. The report was authored by Patricia Steele, Ph.D., and Chad Anderson with Higher Ed Insight.

Income-Driven Repayment And The Public Financing Of Higher Education, John R. Brooks

Georgetown Law Faculty Publications and Other Works

This article provides the first comprehensive analysis in the legal literature of the federal government’s new income-driven student loan repayment programs, known as Income-Based Repayment and Pay As You Earn. In a set of gradual and little-noticed statutory and regulatory moves, the federal government, through these programs, has dramatically reshaped higher education finance in ways that schools, students, and even the government itself are only beginning to understand.

Under IBR and PAYE, a student borrower pays no more than 10% of her discretionary income in loan service payments, and after a maximum of 20 years, the remaining debt is forgiven—for …

Book Review: The Student Loan Mess: How Good Intentions Created A Trillion-Dollar Problem, Justin Chase Brown

Journal of Student Financial Aid

N/A

Student Loans And The Dynamics Of Debt, Brad J. Hershbein Editor, Kevin Hollenbeck Editor

Upjohn Press

The papers included in this volume represent the most current research and knowledge available about student loans and repayment. It serves as a valuable reference for researchers and policymakers who seek a deeper understanding of how, why, and which students borrow for their postsecondary education; how this borrowing may affect later decisions; and what measures can help borrowers repay their loans successfully.

College Costs: Students Can't Afford Not To Know, Brad J. Hershbein, Kevin Hollenbeck

External Papers and Reports

No abstract provided.

Process And Net Impact Evaluations Of The Focus:Hope Adult Training Programs And Student Loan Fund, Kevin Hollenbeck

Reports

No abstract provided.

Financing Legal Education, Marilyn Yarbrough

Journal of Legal Education

No abstract provided.