As college promise programs proliferate across the United States with noted intentions to promote access through increased affordability, it is necessary to understand the relationship between these programs and other forms of financial aid, including loans. Using federal, state, and program-level data, we leverage a natural experiment to estimate…

Funding children's college expenses can be a family project, often requiring substantial savings from parents and educational debt from children, but parents also borrow to support their children's postsecondary ambitions. Despite growing use of debt to finance children's college expenses, studies have overlooked parent borrowing's role in…

College tuition and fee rates have risen dramatically over the last twenty years. Grant aid dollars, however, have increased at a slower rate, especially at public four-year institutions, which were twice as expensive in AY2018-19 compared to AY1998-1999 (Ma, Baum, Pender & Libassi, 2018). How do students pay for college when grant aid is not…

The ability of universities and colleges to predict the success of admitted students continues to be a key concern of higher education officials. Apart from a desire to see students have successful academic careers, there is also the fiscal reality of greater tuition revenues providing needed support for university budgets. Using administrative…

In August, the Biden administration announced a plan to forgive up to $10,000 in federal student loans for almost all borrowers, with up to an extra $10,000 for borrowers who had received Pell grants. The additional forgiveness for Pell borrowers intends to address the racial wealth gap, as Black and Hispanic students are more likely to receive…

The rising costs of college attendance and changes in financial aid packages leave students with little option other than to incur a debt of some amount. Unfortunately, colleges often fail to provide adequate financial literacy and student loan information so prospective students planning to attend college can make informed decisions. Student…

TICAS' 2025 Federal Policy Agenda advises members of the 119th Congress on how to strengthen the nation's higher education system to ensure a college degree is both accessible and affordable. Our higher education system faces extensive challenges, but a postsecondary credential remains the most reliable path to economic mobility, and the economy…

The expansion of higher education through the privatisation of funding sources raises a question regarding socioeconomic inequality in participation in higher education. To explore mechanisms of educational inequality, this study examines how different indicators of socioeconomic background work together to influence both participation in higher…

Is law school worth it? A Juris Doctor (JD) offers high median earnings and a substantial earnings boost relative to a bachelor's degree in the humanities or social sciences--two of the more common fields of study that lawyers pursue as undergraduate students. However, graduates of most law schools carry substantial student loan debt, which dims…

Government-backed student loans are not a panacea for educational inequality or social ills. By examining student loans as a means of social control, Bourdieu's concept of symbolic violence can provide novel ways to encapsulate debt-response patterns across cultures and geographies. This gentle, invisible violence creeps in via misrecognition, a…

This dissertation consists of three chapters that examine topics in the economics of education. Chapter 1 tests the impact of holding student loan debt on borrowers' post-schooling decisions, with a focus on how it changes the way they evaluate risks when choosing between jobs. Chapter 2 analyzes the impact of an expansion of public-school choice…

Current formulas for awarding federal student financial aid are based primarily on income and don't fully account for wealth inequality, especially by race. Students from low-income and low-wealth families--who are disproportionately Black and Latine--often have to take out more student loans to attend college. Inevitably, without family wealth to…

Given the skyrocketing costs of higher education, some borrowers -- particularly those with low incomes and those who were scammed by for-profit colleges -- genuinely need assistance. But portraying student loan forgiveness as a working-class issue is highly misleading. In fact, data on student borrowing shows that debt relief benefits few…

The American Enterprise Institute, EducationCounsel, and The Century Foundation undertook a joint process to examine--across ideological lines--the nature of the existing system that finances graduate education, including its benefits and downsides, and to design a framework that should guide the improvement of federal policy regarding graduate…

This study considers socially stratified take-up of income-driven repayment plans among federal student loan borrowers with high-debt payment obligations. Qualitative analyses of borrower complaints from the Consumer Financial Protection Bureau are used to document borrowers' experiences of administrative burden in the federal loan repayment…