Student Loan Nudges: Experimental Evidence on Borrowing and Educational Attainment
通过随机实验发现，在资助通知中列出非零贷款金额会显著提高学生借贷率，并提升GPA、完成学分和转学率，成本收益分析表明此举能增进福利。
We provide the first experimental evidence on the effect of student loans on educational attainment. Loan amounts listed in financial aid award letters (“offers”) do not alter students’ choice sets but significantly affect borrowing. Students randomly receiving a nonzero offer were 40 percent more likely to borrow than those who received a $0 offer. Per additional borrower, loans increased by $4,000, GPA and completed credits increased by 30 percent, and transfers to four-year public colleges increased by 11 percentage points. Cost-benefit and theoretical analyses suggest nonzero offers enhance welfare, yet over five million students are not currently offered loans.