Student Loans: Do College Students Borrow Too Much—Or Not Enough?
Open accessAbstract
Total student loan debt rose to over $800 billion in June 2010, overtaking total credit card debt outstanding for the first time. By the time this article sees print, the continually updated Student Loan Debt Clock will show an accumulated total of roughly $1 trillion. Borrowing to finance educational expenditures has been increasing—more than quadrupling in real dollars since the early 1990s. The sheer magnitude of these figures has led to increased public commentary on the level of student borrowing. We move the discussion of student loans away from anecdote by establishing a framework for considering the use of student loans in the optimal financing of collegiate investments. From a financial perspective, enrolling in college is equivalent to signing up for a lottery with large expected gains—indeed, the figures presented here suggest that college is, on average, a better investment today than it was a generation ago—but it is also a lottery with significant probabilities of both larger positive, and smaller or even negative, returns. We look to available—albeit limited—evidence to assess which types of students are likely to be borrowing too much or too little.
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Occupational Licensing and Minority Participation in Professional Labor Markets
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Fighting for Education: Financial Aid and Degree Attainment
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Financial capability of student loan holders who are college students, graduates, or dropouts
Xiao, J. J., Porto, N., & Mason, I. M. (2020) · Journal of Consumer Affairs · doi:10.1111/joca.12336 · Cited by 43 · see citing works
The Impact of Student Loan Debt on Small Business Formation
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Black, S. E., Denning, J. T., Dettling, L. J., Goodman, S. F., & Turner, L. J. (2023) · American Economic Review · doi:10.1257/aer.20210926 · Cited by 41 · see citing works
Investment, Saving, and Borrowing for Children: Trends by Wealth, Race, and Ethnicity, 1998–2016
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The consequences of student loan credit expansions: Evidence from three decades of default cycles
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Student Loans and Borrower Outcomes
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Fosnacht, K. J., & Calderone, S. M. (2017) · Journal of Financial Therapy · doi:10.4148/1944-9771.1129 · Cited by 34 · see citing works
Boatman, A., & Evans, B. J. (2017) · The Annals of the American Academy of Political and Social Science · doi:10.1177/0002716217695779 · Cited by 32 · see citing works
Amagir, A., van den Brink, H. M., Groot, W. N. J., & Wilschut, A. (2021) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2021.100605 · Cited by 32 · see citing works
Kawaguchi, D., & Mori, Y. (2016) · Economics of Education Review · doi:10.1016/j.econedurev.2016.01.002 · Cited by 32 · see citing works
Goegan, L. D., & Daniels, L. M. (2019) · Journal of College Student Retention Research Theory & Practice · doi:10.1177/1521025119866689 · Cited by 31 · see citing works
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Optimal Student Loans and Graduate Tax under Moral Hazard and Adverse SelectionPreprint
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How useful are default rates? Borrowers with large balances and student loan repayment
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Public Policy and Higher Education: Strategies for Framing a Research Agenda
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Student Loans and the Dynamics of Debt
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The Labor Market Returns to Sub-Baccalaureate College: A Review. A CAPSEE Working Paper.
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Optimal student loans and graduate tax under moral hazard and adverse selection
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EXPONENTIAL-GROWTH BIAS AND LIFECYCLE CONSUMPTIONPreprint
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The Distributional Effects of Student Loan Forgiveness
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The Great Recession and Credit Trends across Income Groups
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Framing and Labeling Effects in Preferences for Borrowing for College: An Experimental Analysis
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Loans for Educational Opportunity: Making Borrowing Work for Today's Students
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- Authors
- Avery, C., & Turner, S.
- Affiliations
- Harvard University (US)
- University of Virginia (US)
- ORCID
- Avery, Christopher
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2012-02-01
- Volume
- 26
- Issue
- 1
- Pages
- 165-192
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2080973810
- Cited by
- 385
- References
- 52
- Citations by year
- 2026: 8 · 2025: 12 · 2024: 13 · 2023: 18 · 2022: 20 · 2021: 32 · 2020: 28 · 2019: 37 · 2018: 28 · 2017: 53 · 2016: 28 · 2015: 53 · 2014: 33 · 2013: 15 · 2012: 5
- FWCI
- 164.93
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- The Journal of Economic Perspectives (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Education › Higher Education Research Studies
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Politics, Economics, and Education Policy
- Keywords
- student loans, student debt, college financing, educational investment, credit card debt, student borrowing behavior, college enrollment
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
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