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Research ArticleArticle

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

Jeffrey T. Denning and Todd R. Jones
Published online before print November 13, 2019, 0419-10167R1; DOI: https://doi.org/10.3368/jhr.56.4.0419-10167R1
Jeffrey T. Denning
Jeffrey T. Denning is an assistant professor of economics at Brigham Young University and a research affiliate at the Institute of Labor Economics (IZA). Todd R. Jones is a postdoctoral research associate in the economics department at Georgia State University.
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Todd R. Jones
Jeffrey T. Denning is an assistant professor of economics at Brigham Young University and a research affiliate at the Institute of Labor Economics (IZA). Todd R. Jones is a postdoctoral research associate in the economics department 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% of borrowers. Despite this increase, we find no evidence that eligibility for loans affects student GPA, credits, persistence, or graduation.

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Journal of Human Resources: 60 (3)
Journal of Human Resources
Vol. 60, Issue 3
1 May 2025
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Maxed Out? The Effect of Larger Student Loan Limits on Borrowing and Education Outcomes
Jeffrey T. Denning, Todd R. Jones
Journal of Human Resources Nov 2019, 0419-10167R1; DOI: 10.3368/jhr.56.4.0419-10167R1

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Maxed Out? The Effect of Larger Student Loan Limits on Borrowing and Education Outcomes
Jeffrey T. Denning, Todd R. Jones
Journal of Human Resources Nov 2019, 0419-10167R1; DOI: 10.3368/jhr.56.4.0419-10167R1
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