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Author(s):Rothstein, J., and Rouse, C
Title:Constrained after college: Student loans and early career occupational choices
Source:http://www.ers.princeton.edu/workingpapers/18er...
Date:2007
Organization:Princeton University
Short Description:This study finds that debt causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid public interest jobs.
Annotation:In the early 2000s, a highly selective university introduced a no-loans policy under which the loan component of financial aid awards was replaced with grants. This study uses this natural experiment to identify the causal effect of student debt on employment outcomes. In the standard life-cycle model, young people make optimal educational investment decisions if they are able to finance these investments by borrowing against future earnings; the presence of debt has only income effects on future decisions. The study finds that debt causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid public interest jobs.
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Associated Keywords:
Affordability, Tuition and College Costs
Borrowing/Student Debt
Career Development
Documents
Financial Aid

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