This paper analyses potential links between extreme optimism and student loan debt. Prior work finds extreme optimism to be associated with imprudent household savings and investment decisions. This paper explores whether these findings are relevant to student loan decisions. Using the most recent administration of the Survey of Consumer Finances…

This document records testimony from a hearing before the Committee on Education and the Workforce that was held to examine the implications of Biden's student loan policies for students and taxpayers. Member statements were provided by: (1) Honorable Burgess Owens, Chairman, Subcommittee on Higher Education and Workforce Development; and (2)…

This document records testimony from a hearing before the Committee on Education and Labor that was held to examine the protection of students and taxpayers by improving the closed school discharge process. Member statements were provided by: (1) Honorable Frederica S. Wilson, Chairwoman, Subcommittee on Higher Education and Workforce Investment;…

This document records testimony from a hearing before the Subcommittee on Higher Education and Workforce Development of the Committee on Education and the Workforce that was held to examine lowering costs and increasing value for students, institutions, and taxpayers. Opening statements were provided by: (1) Honorable Burgess Owens, Chairman,…

When a college closes, it can derail the education of many students, leaving them with loans but no degree. Those who cannot complete their education may be eligible to have their federal student loans forgiven through a "closed school discharge" from the Department of Education (Education), but this process has changed in recent years.…

This document records testimony from a hearing before the Subcommittee on Early Childhood, Elementary, and Secondary Education that was held to examine the impact of COVID-19 on the future of higher education. Member statements were presented by: (1) Honorable Susan A. Davis, Chairwoman, Subcommittee on Higher Education and Workforce Investment;…

The Public Service Loan Forgiveness (PSLF) program was established in 2007 and forgives borrowers' remaining federal student loan balances after they have made at least 10 years of qualifying loan payments while working in public service. Starting in September 2017, the first borrowers potentially became eligible for the PSLF program and began…

This document records testimony from a hearing before the Subcommittee on Early Childhood, Elementary, and Secondary Education that was held to discuss the future of higher education post COVID-19. Member statements were presented by: (1) Honorable Frederica S. Wilson, Chairwoman, Subcommittee on Education and Workforce Investment; and (2)…

Grant aid reduces the financial burden of human capital investment in postsecondary education. Theory suggests grant aid should substitute for other financial resources such as borrowing and labor market participation. Although studies have individually examined the impact of grant aid on hours of paid work and on borrowing for education, students…

Researchers from the Georgetown University Center on Education and Workforce, Anthony Carnevale and Nicole Smith, examine the challenges working students face and the impacts of these challenges on completion and debt. Working and paying tuition and fees "as you go" is no longer an option for the majority of America's college students;…

This work brings forward the geographically-based classification scheme for the public Master's Colleges and Universities sector. Using the same methodology developed by Katsinas and Hardy (2005) to classify community colleges, this work classifies Master's Colleges and Universities. This work has four major findings and conclusions. First, a…

This document contains a transcript of prepared remarks for Secretary of Education Arne Duncan to the House Education and Labor Committee. The Secretary discussed provisions for education in the American Recovery and Reinvestment Act and the State Fiscal Stabilization Fund to supplement state budgets. The Secretary also noted an expanded…

In recent years, there has been a growing interest in college access and with it, a growing concern about the debt incurred by students. Analysts on all sides suggest a variety of causes and solutions to this very complex problem. This paper presents a collection of informational items that can be seen as both disparate and connected. We can see…

Provides a model of student loan defaults using a panel data file. Identifies a variety of individual variables associated with loan defaults; however, researchers found that the variable with the largest effect on default is continuous enrollment. Students who are continuously enrolled or complete their programs are far less likely to default…

This document comments on the major points of the June 1973 Carnegie Commission Report "Higher Education: Who Benefits? Who Pays". It is suggested that an outstanding characteristic of the report is that it is full of contradictions. Many of its observations, generalized recommendations, and stated goals, are such as would command a general…