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Discussion Paper
Credit Score Impacts from Past Due Student Loan Payments
Mangrum, Daniel; Wang, Crystal (2025-03-26)
In our companion post, we highlighted how the pandemic and subsequent policy actions disrupted trends in the growth of student loan balances, the pace of repayment, and the classification of delinquent loans. In this post, we discuss how these changes affected the credit scores of student loan borrowers and how the return of negative reporting of past due balances will impact the credit standing of student loan borrowers. We estimate that more than nine million student loan borrowers will face significant drops in credit score once delinquencies appear on credit reports in the first half of ...
Liberty Street Economics , Paper 20250326b

Discussion Paper
Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015
Van der Klaauw, Wilbert; Haughwout, Andrew F.; Scally, Joelle; Lee, Donghoon (2015-04-16)
This morning, Jamie McAndrews, the Director of Research at the Federal Reserve Bank of New York, spoke to the press about the economic recovery, and his speech was followed by a special briefing by New York Fed economists on student loans. Here, we provide a short summary of the student loan briefing.
Liberty Street Economics , Paper 20150416

Journal Article
Capital for Communities: Financing Human Capital Through Income Share Agreements
Baldini, Noelle (2016-07)
Outstanding federal student loan balances in the U.S. exceed $1.2 trillion, and many believe rising student loan delinquencies represent an emerging crisis for students and the broader economy. Income share agreements (ISAs) have been identified as a new potential source for financing higher education, making important investments in human capital improvements while limiting some of the debt burden placed on students. This article will explore why some believe that alternatives to traditional student loans are needed and will also examine the promising solutions ISAs could bring to students ...
Cascade , Volume 3

Discussion Paper
Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan
Goss, Jacob; Mangrum, Daniel; Scally, Joelle (2022-09-27)
On August 24, 2022, the White House released a plan to cancel federal student loans for most borrowers. In April, we wrote about the costs and who most benefits from a few hypothetical loan forgiveness proposals using our Consumer Credit Panel, based on Equifax credit report data. In this post, we update our framework to consider the White House plan now that parameters are known, with estimates for the total amount of forgiven loans and the distribution of who holds federal student loans before and after the proposed debt jubilee.
Liberty Street Economics , Paper 20220927

Discussion Paper
Household Formation within the “Boomerang Generation”
Brown, Meta; Lee, Donghoon; Van der Klaauw, Wilbert; Bleemer, Zachary (2015-02-04)
Young Americans? living arrangements have changed strikingly over the past fifteen years, with recent cohorts entering the housing market at much lower rates and lingering much longer in their parents? households. The New York Times Magazine reported this past summer on the surge in college-educated young people who ?boomerang? back to living with their parents after graduation. Joining that trend are the many other members of this cohort who have never left home, whether or not they attend college. Why might young people increasingly reside with their parents? They may be unable to find ...
Liberty Street Economics , Paper 20150204

Report
Credit supply and the rise in college tuition: evidence from the expansion in federal student aid programs
Shen, Karen; Nadauld, Taylor D.; Lucca, David O. (2015-07-01)
We study the link between the student credit expansion of the past fifteen years and the contemporaneous rise in college tuition. To disentangle simultaneity issues, we analyze the effects of increases in federal student loan caps using detailed student-level financial data. We find a pass-through effect on tuition of changes in subsidized loan maximums of about 60 cents on the dollar, and smaller but positive effects for unsubsidized federal loans. The subsidized loan effect is most pronounced for more expensive degrees, those offered by private institutions, and for two-year or vocational ...
Staff Reports , Paper 733

Speech
Opening remarks at the Convening on Student Loan Data Conference
Dudley, William (2015-03-04)
Remarks at the Convening on Student Loan Data Conference, Federal Reserve Bank of New York, New York City.
Speech , Paper 158

Working Paper
Student loan relief programs: implications for borrowers and the federal government
Di, Wenhua; Edmiston, Kelly D. (2016-11-01)
As college costs increase and more students fund their education through borrowing, debt load and delinquency rates have become significant problems on a number of levels. Student loan obligations are challenging to manage for new graduates with lower earnings and borrowers in financial hardship. This paper discusses the federal student loan repayment relief programs that are available and estimates their borrower and fiscal impacts. The implications of relief plans on borrowers? costs and the federal budget vary for different loan amounts, income levels, and relief program. {{p}} It is ...
Working Papers , Paper 1609

Report
State Investment in Higher Education: Effects on Human Capital Formation, Student Debt, and Long-Term Financial Outcomes of Students
Lovenheim, Michael; Gorton, Nicole; Chakrabarti, Rajashri (2020-09-01)
Most public colleges and universities rely heavily on state financial support. As state budgets have tightened in recent decades, appropriations for higher education have declined substantially. Despite concerns expressed by policymakers and scholars that the declines in state support have reduced the return to education investment for public sector students, little evidence exists that can identify the causal effect of these funds on long-run outcomes. We present the first such analysis in the literature using new data that leverages the merger of two rich datasets—consumer credit records ...
Staff Reports , Paper 941

Discussion Paper
Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
Chakrabarti, Rajashri; Haughwout, Andrew F.; Lee, Donghoon; Nober, William; Scally, Joelle; Van der Klaauw, Wilbert (2020-08-19)
In yesterday's post, we studied the expected debt relief from the CARES Act on mortgagors and student debt borrowers. We now turn our attention to the 63 percent of American borrowers who do not have a mortgage or student loan. These borrowers will not directly benefit from the loan forbearance provisions of the CARES Act, although they may be able to receive some types of leniency that many lenders have voluntarily provided. We ask who these borrowers are, by age, geography, race and income, and how does their financial health compare with other borrowers.
Liberty Street Economics , Paper 20200819

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