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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

Discussion Paper
Three Key Facts from the Center for Microeconomic Data’s 2022 Student Loan Update
Mangrum, Daniel; Scally, Joelle; Wang, Crystal (2022-08-09)
Today, researchers from the Center for Microeconomic Data released the 2022 Student Loan Update, which contains statistics summarizing who holds student loans along with characteristics of these balances. To compute these statistics, we use the New York Fed Consumer Credit Panel (CCP), a nationally representative 5 percent sample of all U.S. adults with an Equifax credit report. For this update, we focus on individuals with a student loan on their credit report. The update is linked here and shared in the student debt section of the Center for Microeconomic Data’s website. In this post, we ...
Liberty Street Economics , Paper 20220809

Discussion Paper
Federal Student Loan Servicing Accountability and Incentives in Contracts
Darolia, Rajeev; Sullivan, Andrew (2020-10-20)
Student loan servicers play a critical and underappreciated role in federal student oan programs. The federal government contracts out to servicers an array of many of the most critical functions related to student loan repayment, including account management, payment processing, and the provision of information about payment plans and solutions for distressed borrowers. In fact, most borrowers’ interactions with federal student loan repayment are almost exclusively with their servicer. We aim to improve upon the scarce research literature about federal student loan servicers by exploring ...
Consumer Finance Institute discussion papers , Paper DP 20-05

Journal Article
Student Loans: A Primer
Hylands, Thomas (2014-01)
On average, higher education is a great investment: The average person with a four-year degree earns substantially more than the average high school graduate, and the cost of that degree is well below the financial benefits that are derived. However, borrowing to pay for education has risen dramatically in recent years, with outstanding student debt recently passing $1 trillion, which is almost four times the debt incurred in 2004. Today, an increasingly large number of borrowers are unable to make their student loan payments,4 which raises concerns about what this means for individuals and ...
Cascade , Volume 1

Report
How the Student Loan Payment Pause Affected Borrowers’ Credit Access and Credit Use
Cooper, Daniel H.; Haddix, Maddie (2025-01-13)
This brief examines how the pandemic-related, 43-month moratorium on federal student loan payments and interest accruals affected borrowers’ credit card limits and balances. The pause freed up an average of $280 a month for each of the 17 million student loan holders in active repayment, and it included a provision that erased previous defaults on student loans.
Current Policy Perspectives , Paper 25-1

Discussion Paper
The New York Fed Consumer Credit Panel: A Foundational CMD Data Set
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert (2024-04-17)
As the Great Financial Crisis and associated recession were unfolding in 2009, researchers at the New York Fed joined colleagues at the Board of Governors and Philadelphia Fed to create a new kind of data set. Household liabilities, particularly mortgages, had gone from being a quiet little corner of the financial system to the center of the worst financial crisis and sharpest recession in decades. The new data set was designed to provide fresh insights into this part of the economy, especially the behavior of mortgage borrowers. In the fifteen years since that effort came to fruition, the ...
Liberty Street Economics , Paper 20240417

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

Working Paper
WHERE DO STUDENTS GO WHEN FOR-PROFIT COLLEGES LOSE FEDERAL AID?
Turner, Lesley; Darolia, Rajeev; Cellini, Stephanie (2017-05-04)
Recent federal investigations and new regulations have resulted in restrictions on for-profit institutions? access to federal student aid. We examine the enrollment effects of similar restrictions imposed on over 1,200 for-profit colleges in the 1990s. Using variation in regulations linked to student loan default rates, we estimate the impact of the loss of federal aid on the enrollment of Pell Grant recipients in sanctioned institutions and their local competitors. Enrollment in a sanctioned for-profit college declines by 53 percent in the five years following a sanction. For-profit ...
Working Papers , Paper 17-12

Discussion Paper
Who Borrows for College—and Who Repays?
Lee, Donghoon; Haughwout, Andrew F.; Van der Klaauw, Wilbert; Scally, Joelle (2019-10-09)
Student loans are increasingly a focus of discourse among politicians, policymakers, and the news media, resulting in a range of new ideas to address the swelling aggregate debt. Evaluating student loan policy proposals requires understanding the challenges faced by student borrowers. In this post, we explore the substantial variation in the experiences of borrowers and consider the distributional effects of various policy options.
Liberty Street Economics , Paper 20191009

Discussion Paper
Payback Time? Measuring Progress on Student Debt Repayment
Scally, Joelle; Brown, Meta; Lee, Donghoon; Van der Klaauw, Wilbert; Haughwout, Andrew F. (2015-02-20)
Student debt continues to make headlines because of its high balances and high rates of delinquency and default?troubling issues that we discussed in our previous posts this week. A less prominent, but still important, issue is the pace at which former students are?or are not?paying off their debts. This issue is important to borrowers because the longer they take to repay their debts, the more interest they accrue, the longer they have to worry about making payments, and the longer they have to deal with the consequences of unpaid debts. It?s also important to the macroeconomy because longer ...
Liberty Street Economics , Paper 20150220

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