Doctoral Dissertation Research in Economics: Low-Income Expectations and Student Loan Repayment Plan Choice

该奖项全部或部分根据2021年美国救援计划法案（公法117-2）资助。美国大多数上大学的个人都以学生贷款的形式向联邦政府借钱。在他们离开学校后，借款人通过每月支付贷款来偿还学生贷款。最低还款额联邦学生贷款借款人必须作出的决定之间的选择：（1）抵押贷款风格的还款计划与固定的每月付款和（2）收入为基础的还款（IBR）计划，其中最低付款额与借款人的收入。借款人可能选择抵押贷款式还款计划而不是IBR计划的一个原因是对低收入风险的错误判断。这项研究将探讨是否可以通过提供有关低收入风险的信息，以提高IBR吸收在大学的高年级和大三学生。研究人员将在美国一所大型大学进行一项信息实验，一半的受访学生将获得针对其特定专业的低收入风险信息。然后，该项目将研究提供的信息是否会改变学生的IBR计划的偏好，以及如何根据学生的特点变化的反应。该提案的结果将提高对联邦学生贷款的理解，并将对这些贷款的沟通产生潜在影响。以收入为基础的学生贷款偿还为借款人提供了保险，使其免受相对于收入的高额还款负担。参加IBR计划的学生拖欠学生贷款的可能性要小得多。尽管有这些好处，大多数学生选择留在抵押贷款风格的还款计划，其中付款不随借款人的收入变化。本项目将探讨这一结果是否部分是由借款人在毕业后获得低收入的主观概率较低造成的。这一假设将通过一项针对美国一所大型大学大三和大四学生的调查实验进行验证。一半的调查受访者将获得有关大学毕业生收入的信息。然后，这些学生将被问及他们未来的收入预期，以及他们在假设借款情况下选择的学生贷款还款计划。该项目的成果将促进联邦学生贷款的知识体系。该奖项反映了NSF的法定使命，并已被认为值得通过使用基金会的智力价值和更广泛的影响审查标准进行评估的支持。

This award is funded in whole or in part under the American Rescue Plan Act of 2021 (Public Law 117-2).Most individuals in the United States who attend college borrow money from the Federal government in the form of student loans. After they leave school, borrowers pay back their student loans by making monthly loan payments. The minimum payment Federal student loan borrowers must make is determined by a choice between: (1) a mortgage style repayment plan with fixed monthly payments and (2) income-based repayment (IBR) plans where minimum payments are related to the borrower’s income. One reason borrowers may choose mortgage style repayment plans rather than IBR plans is mis-judgement of risk of earning a low income. This research will explore whether IBR uptake can be improved by providing information about low-income risk to seniors and juniors in college. The researchers will run an information experiment at a large university in the U.S. Half of surveyed students will be provided with information on low-income risks tailored to their specific majors. The project will then examine whether provision of the information changes student preferences for IBR plans and how the responses vary by student characteristics. The outcomes of this proposal will improve the understanding of federal student loans and will have potential implications regarding the communication of these loans. Income-based student loan repayment provides borrowers with insurance against high repayment burdens relative to their income. Students on IBR plans are significantly less likely to default on their student loans. Despite these benefits, most students choose to stay on mortgage style repayment plans where payments do not change with the borrower's income. This project will explore whether this outcome is partially caused by borrowers having low subjective probabilities of earning a low-income after they graduate. This hypothesis will be tested using a survey experiment fielded to juniors and seniors at a large university in the U.S. Half of survey respondents will be provided the information on the incomes of college graduates with their major. These students will then be asked about their future income expectations and their choice of student loan repayment plan under a hypothetical borrowing scenario. The results of this project will advance the body of knowledge on federal student loans.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.