The Role of Federal and Private Student Loans in Homeownership Decisions
This paper examines the effect of student loans on the decision to become a homeowner. Analyses use the Baccalaureate and Beyond 2008:2012 (B&B) panel dataset collected by the U.S. Department of Education that surveyed a representative sample of four‐year college graduates from institutions acro...
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Veröffentlicht in: | The Journal of consumer affairs 2020-03, Vol.54 (1), p.43-69 |
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description | This paper examines the effect of student loans on the decision to become a homeowner. Analyses use the Baccalaureate and Beyond 2008:2012 (B&B) panel dataset collected by the U.S. Department of Education that surveyed a representative sample of four‐year college graduates from institutions across the country. Whereas previous analyses of student loan debt rely on cumulative loan balances, the present research examines both federal and private student loan impacts separately. Private student loan data is often unavailable in major datasets, but the B&B data provide rich information on sources and amounts of debt for recent graduates. We instrument student loans using in‐state tuition rates and find that for four‐year college graduates, a $1,000 increase in a respondent's private student loan balance lowers the likelihood of buying a home by about 5 percentage points whereas a $1,000 increase in federal loans has no significant impact on homeownership during this time. |
doi_str_mv | 10.1111/joca.12248 |
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Analyses use the Baccalaureate and Beyond 2008:2012 (B&B) panel dataset collected by the U.S. Department of Education that surveyed a representative sample of four‐year college graduates from institutions across the country. Whereas previous analyses of student loan debt rely on cumulative loan balances, the present research examines both federal and private student loan impacts separately. Private student loan data is often unavailable in major datasets, but the B&B data provide rich information on sources and amounts of debt for recent graduates. We instrument student loans using in‐state tuition rates and find that for four‐year college graduates, a $1,000 increase in a respondent's private student loan balance lowers the likelihood of buying a home by about 5 percentage points whereas a $1,000 increase in federal loans has no significant impact on homeownership during this time.</description><identifier>ISSN: 0022-0078</identifier><identifier>EISSN: 1745-6606</identifier><identifier>DOI: 10.1111/joca.12248</identifier><language>eng</language><publisher>Malden, USA: Wiley Periodicals, Inc</publisher><subject>College graduates ; Debt ; Home financing ; Home ownership ; Student loans ; Tuition</subject><ispartof>The Journal of consumer affairs, 2020-03, Vol.54 (1), p.43-69</ispartof><rights>Copyright 2019 by The American Council on Consumer Interests</rights><rights>Copyright 2020 by The American Council on Consumer Interests</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3348-ff7946820c70e4b16d55df674e34b85cac36d8fede8baaa2f231950e77418053</citedby><cites>FETCH-LOGICAL-c3348-ff7946820c70e4b16d55df674e34b85cac36d8fede8baaa2f231950e77418053</cites><orcidid>0000-0003-0074-9778 ; 0000-0002-6098-7578</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1111%2Fjoca.12248$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1111%2Fjoca.12248$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,780,784,1417,27866,27924,27925,45574,45575</link.rule.ids></links><search><creatorcontrib>Robb, Cliff A.</creatorcontrib><creatorcontrib>Schreiber, Samantha L.</creatorcontrib><creatorcontrib>Heckman, Stuart J.</creatorcontrib><title>The Role of Federal and Private Student Loans in Homeownership Decisions</title><title>The Journal of consumer affairs</title><description>This paper examines the effect of student loans on the decision to become a homeowner. Analyses use the Baccalaureate and Beyond 2008:2012 (B&B) panel dataset collected by the U.S. Department of Education that surveyed a representative sample of four‐year college graduates from institutions across the country. Whereas previous analyses of student loan debt rely on cumulative loan balances, the present research examines both federal and private student loan impacts separately. Private student loan data is often unavailable in major datasets, but the B&B data provide rich information on sources and amounts of debt for recent graduates. We instrument student loans using in‐state tuition rates and find that for four‐year college graduates, a $1,000 increase in a respondent's private student loan balance lowers the likelihood of buying a home by about 5 percentage points whereas a $1,000 increase in federal loans has no significant impact on homeownership during this time.</description><subject>College graduates</subject><subject>Debt</subject><subject>Home financing</subject><subject>Home ownership</subject><subject>Student loans</subject><subject>Tuition</subject><issn>0022-0078</issn><issn>1745-6606</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2020</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><recordid>eNp9kE1PAjEQhhujifhx8Rc08WayOP3YthwJimhIMMq9KbvTsGTZYrtI-PcurmfnMpfnfWfyEHLHYMi6edyEwg0Z59KckQHTMs-UAnVOBgCcZwDaXJKrlDYAjIOGAZkt10g_Qo00eDrFEqOrqWtK-h6rb9ci_Wz3JTYtnQfXJFo1dBa2GA4NxrSudvQJiypVoUk35MK7OuHt374my-nzcjLL5ouX18l4nhVCSJN5r0dSGQ6FBpQrpso8L73SEoVcmbxwhVCl8d0jZuWc454LNsoBtZbMQC6uyX1fu4vha4-ptZuwj0130XLR1fIR19BRDz1VxJBSRG93sdq6eLQM7EmUPYmyv6I6mPXwoarx-A9p3xaTcZ_5AcRTaa4</recordid><startdate>20200301</startdate><enddate>20200301</enddate><creator>Robb, Cliff A.</creator><creator>Schreiber, Samantha L.</creator><creator>Heckman, Stuart J.</creator><general>Wiley Periodicals, Inc</general><general>Blackwell Publishing Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7TQ</scope><scope>DHY</scope><scope>DON</scope><orcidid>https://orcid.org/0000-0003-0074-9778</orcidid><orcidid>https://orcid.org/0000-0002-6098-7578</orcidid></search><sort><creationdate>20200301</creationdate><title>The Role of Federal and Private Student Loans in Homeownership Decisions</title><author>Robb, Cliff A. ; Schreiber, Samantha L. ; Heckman, Stuart J.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3348-ff7946820c70e4b16d55df674e34b85cac36d8fede8baaa2f231950e77418053</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2020</creationdate><topic>College graduates</topic><topic>Debt</topic><topic>Home financing</topic><topic>Home ownership</topic><topic>Student loans</topic><topic>Tuition</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Robb, Cliff A.</creatorcontrib><creatorcontrib>Schreiber, Samantha L.</creatorcontrib><creatorcontrib>Heckman, Stuart J.</creatorcontrib><collection>CrossRef</collection><collection>PAIS Index</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><jtitle>The Journal of consumer affairs</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Robb, Cliff A.</au><au>Schreiber, Samantha L.</au><au>Heckman, Stuart J.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Role of Federal and Private Student Loans in Homeownership Decisions</atitle><jtitle>The Journal of consumer affairs</jtitle><date>2020-03-01</date><risdate>2020</risdate><volume>54</volume><issue>1</issue><spage>43</spage><epage>69</epage><pages>43-69</pages><issn>0022-0078</issn><eissn>1745-6606</eissn><abstract>This paper examines the effect of student loans on the decision to become a homeowner. Analyses use the Baccalaureate and Beyond 2008:2012 (B&B) panel dataset collected by the U.S. Department of Education that surveyed a representative sample of four‐year college graduates from institutions across the country. Whereas previous analyses of student loan debt rely on cumulative loan balances, the present research examines both federal and private student loan impacts separately. Private student loan data is often unavailable in major datasets, but the B&B data provide rich information on sources and amounts of debt for recent graduates. We instrument student loans using in‐state tuition rates and find that for four‐year college graduates, a $1,000 increase in a respondent's private student loan balance lowers the likelihood of buying a home by about 5 percentage points whereas a $1,000 increase in federal loans has no significant impact on homeownership during this time.</abstract><cop>Malden, USA</cop><pub>Wiley Periodicals, Inc</pub><doi>10.1111/joca.12248</doi><tpages>27</tpages><orcidid>https://orcid.org/0000-0003-0074-9778</orcidid><orcidid>https://orcid.org/0000-0002-6098-7578</orcidid></addata></record> |
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subjects | College graduates Debt Home financing Home ownership Student loans Tuition |
title | The Role of Federal and Private Student Loans in Homeownership Decisions |
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