Background: Nearly two decades have passed since the last successful reauthorization of the Higher Education Act. Since then, student loan debt and the accumulation patterns based on race have become a pressing issue to address in U.S. society. Purpose: Student debt is one of the key issues on the federal higher education policy agenda. The…

We update Collier et al. (2021) by using the Survey of Consumer Finances (SCF) 2019 dataset to explore characteristics of enrollees in Income-Driven Repayment (IDR). SCF 2019 is more likely to include borrowers engaged in REPAYE. Findings support an ongoing need to encourage greater IDR participation for lowest-income borrowers and reinforced…

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.…

Policymakers have expressed increased interest in program-level higher education accountability measures as a supplement to, or in place of, institution-level metrics. But it is unclear what these measures should look like. In this report, we assess the ways program-level data could be developed to facilitate federal accountability. Evidence shows…

The student debt crisis is particularly dire for Black borrowers. Black degree-seekers are more likely to take out student loans to pay for higher education than white students, and they carry the largest average student loan debt of all racial demographics in the nation. The COVID-19 pandemic has created even more barriers to both postsecondary…

Through the higher education act (HEA) reauthorization, congress has several opportunities to improve and simplify student loan repayment for borrowers. To address the challenges students face when repaying their loans, congress should simplify the existing federal loan repayment plans, strengthen public service loan forgiveness, eliminate loan…

Student debt levels were already pronounced before the pandemic hit, with $91.1 billion in annual federal student lending in 2019-20, up from $20.7 billion in 1990-91. Over that same period, per-student borrowing rose from $2,110 to $6,276, after adjusting for inflation. Evidence available as of Nov. 20, 2021, suggests that the COVID-19 downturn…

The volume and number of federal student loans, which provide financing to make higher education more accessible, have grown over the past few decades. In 2017, the most recent year for which detailed information was available, $96 billion in new federal student loans was disbursed to 8.6 million students, compared with $36 billion (in 2017…

Students increasingly borrow money to attend postsecondary education. Yet, little attention in the literature has been paid to the repayment of student loans, aside from failure indicators like default. This study examines a nationally representative sample of bachelor's degree recipients and the time it takes to reach different repayment…

U.S. student debt now exceeds $1.6 trillion, and default rates are higher than for any other type of household debt. Yet even as many students struggle to make their monthly payments, few take advantage of a federal program that would make them more affordable. A variety of income-driven repayment (IDR) plans allow borrowers to pay a fixed…

There is a lot to consider when thinking about college or career school. One of those considerations should be how to plan to fund the education. Chances are that students will need to rely on student loans (money that is borrowed and payed back with interest) to help pay for at least part of the education. Direct Loans (loans made by the federal…

This dissertation investigates the complex connections among loan debt burden, student experiences, and post-bachelor's outcomes, situated within the framework of systemic disparities in educational funding and opportunities. It identifies declines in state funding across educational levels as a systemic and politicized issue, disproportionately…

More than a million federal student loan borrowers default each year, and the U.S. Department of Education reports that as of June 2020, roughly 1 in 5 borrowers with federal student loans was in default. Since that time, the coronavirus pandemic and related economic downturn have continued to take a significant toll on households and businesses…

This hearing of the Committee on Health, Education, Labor, and Pensions examines reauthorizing the Higher Education Act, focusing on strengthening accountability to protect students and taxpayers. Opening statements were presented by: (1) Honorable Lamar Alexander, Chairman, Committee on Health, Education, Labor, and Pensions; and (2) Honorable…

The skyrocketing cost of college has forced more students to borrow money to obtain a degree. Women take on greater debt than men to start, but when women graduate, loan payments collide with the gender pay gap. The compounding effect puts a tight squeeze on women's budgets. This growing crisis requires two responses: helping those who have…