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The Effect of Larger Student Loan Limits on Borrowing and Education Outcomes

Jeffrey T. Denning and Todd R. Jones
Journal of Human Resources, October 2021, 56 (4) 1113-1140; DOI: https://doi.org/10.3368/jhr.56.4.0419-10167R1
Jeffrey T. Denning
Jeffrey T. Denning is an associate professor of economics at Brigham Young University.
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Todd R. Jones
Todd R. Jones is an assistant professor of economics at Mississippi State University. Much of the work was performed while Jones was a postdoctoral research associate at Georgia Policy Labs at Georgia State University.
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Abstract

Despite growing student loans, little evidence exists on the effects of access to student loans on borrowing and educational outcomes. We examine these effects by using policy variation in the maximum federal student loan borrowing limits. In particular, first-, second-, and third-year students have access to different amounts of federal loans. Using a regression discontinuity and administrative data from a state higher education system, we find that access to higher loan limits increases borrowing for at least 26 percent of borrowers. Despite this increase, we find no evidence that eligibility for loans affects student GPA, credits, persistence, or graduation.

JEL Classification:
  • I20
  • I22
  • G51
  • Received April 2019.
  • Accepted September 2019.

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Journal of Human Resources: 56 (4)
Journal of Human Resources
Vol. 56, Issue 4
2 Oct 2021
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Jeffrey T. Denning, Todd R. Jones
Journal of Human Resources Oct 2021, 56 (4) 1113-1140; DOI: 10.3368/jhr.56.4.0419-10167R1

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Jeffrey T. Denning, Todd R. Jones
Journal of Human Resources Oct 2021, 56 (4) 1113-1140; DOI: 10.3368/jhr.56.4.0419-10167R1
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Keywords

  • I20
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