Cited by 388Higher Education Research StudiesFinancial Literacy, Pension, Retirement AnalysisPolitics, Economics, and Education Policy

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Student Loans: Do College Students Borrow Too Much—Or Not Enough?

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Avery, Christopher, Turner, Sarah·2012·Journal of Economic Perspectives

DOI 10.1257/jep.26.1.165

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Abstract

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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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)
DOI: 10.1257/jep.26.1.165
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 › Economics, Econometrics and Finance › Finance › 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

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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.

What counts as a claim ›How we measure confidence ›How we check this ›

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Student Loans: Do College Students Borrow Too Much—Or Not Enough?

Abstract

Overview

Integrity signals

Verification

Claims the paper makes

Self-check

Citations

Cites

Cited by

Related

Metadata

Record

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