In response to the current Coronavirus Disease 2019 (COVID-19) pandemic, numerous questions have arisen regarding student loan repayment flexibilities and debt relief that may be available to individuals to alleviate potential financial effects related to COVID-19. The Higher Education Act of 1965 (HEA) generally authorizes several options for…

In 1965, the federal government passed the Higher Education Act (HEA), which paved the way for today's federal student loan program. Much of the policy debate about student loans centers on the amount of debt that has already been issued, escalating default rates, and what can be done to make repayment more affordable. But often overlooked in this…

The Higher Education Act of 1965 (HEA; P.L. 89-329, as amended) authorizes the operation of three federal student loan programs: the William D. Ford Federal Direct Loan (Direct Loan) program, the Federal Family Education Loan (FFEL) program, and the Federal Perkins Loan program. While new loans are authorized to be made only through the Direct…

This is an update to the report "Deeper in Debt: Women and Student Loans." Americans today carry $1.54 trillion in student loan debt. That number has more than doubled over the last decade--increasing at nearly six times the rate of inflation. Women are particularly burdened, holding nearly two-thirds of all outstanding loans--around…

This paper examines the rise in student loan default and delinquency. It draws on a unique set of administrative data on federal student borrowing matched to earnings records from de-identified tax records. Most of the increase in default is associated with borrowers at for-profit schools, 2-year institutions, and certain other nonselective…

As more undergraduates have taken out loans to attend college, the number of borrowers who fail to repay their student loans has increased. While previous research has focused on students' likelihood to default, this study employed institutional cohort default rates (CDRs) as an outcome variable. Using Integrated Postsecondary Education Data…

The stories of college graduates burdened with mountains of debt and poor job prospects have been well documented in this recession year. But while these students do face real problems in today's tough economy, their degree will still likely prove to be a wise investment even as the recession draws to a close. This isn't the case for another group…

In the first chapter, I measure the impact of student loan debt on young, college-educated workers' decisions regarding labor supply and enrollment in graduate school. I exploit variation in student loan debt driven by the formulas that determine Federal Student Aid in order to identify these effects. Instrumental variable estimates indicate…

This article presents an overview of major factors contributing to the Great Recession of 2007-2009. Descriptions of teaching resources and ideas for lesson plans are provided.

This paper is the fourth annual report on the student loan debt of new college graduates. This analysis of the most recent available data found that student debt continued to rise even as it got harder for recent graduates to find jobs, and that debt levels vary considerably from state to state and college to college. Nationwide, average debt for…

Toxic mortgages are one of the causes of the current economic crisis. Where did they come from--apart from those spectacularly down-at-heel areas of American cities where loans for housing are peddled on a day-rate basis? One driver was the demutualisation of building societies, on the basis that, as banks, they would have access to the capital…

Private for-profit institutions have been the fastest growing part of the U.S. higher education sector. For-profit enrollment increased from 0.2 percent to 9.1 percent of total enrollment in degree-granting schools from 1970 to 2009, and for-profit institutions account for the majority of enrollments in non-degree granting postsecondary schools.…

The headlines of 2008 were dominated by falling housing prices, rising default and foreclosure rates, failure of large investment banks, and huge bailouts arranged by both the Federal Reserve and the U.S. Treasury. The wealth of many Americans has been substantially reduced and concern about a lengthy and severe recession is now widespread. All of…

In accordance with Rule XXV of the Standing Rules of the Senate, the U.S. Senate Committee on Health, Education, Labor, and Pensions (the committee) holds legislative jurisdiction over all proposed legislation, messages, petitions, memorials, and other matters relating to education and student loans and grants. Proprietary schools and institutions…

In accordance with Rule XXV of the Standing Rules of the Senate, the U.S. Senate Committee on Health, Education, Labor, and Pensions (the committee) holds legislative jurisdiction over all proposed legislation, messages, petitions, memorials, and other matters relating to education and student loans and grants. Proprietary schools and institutions…