Discussion Paper

Racial Disparities in Student Loan Outcomes


Abstract: Total household debt balances increased by $92 billion in the third quarter of 2019, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. The balance increase reflected nearly across the board gains in various types of debt, with the largest gains of $31 billion in mortgage balances (0.3 percent) and $20 billion in student loan balances (1.4 percent). The Quarterly Report, and the following analysis, are both based on the New York Fed’s Consumer Credit Panel, which is itself based on anonymized Equifax credit report data. Our report also provides breakouts by age, and by state, demonstrating that patterns of borrowing and repayment are heterogeneous by those factors. But there are many other dimensions across which we see varying credit market outcomes.

Keywords: heterogeneity; consumer credit panel; household finance; CCP; student loans;

JEL Classification: J01; D14;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2019-11-13

Number: 20191113a