Labor Market Returns to Student Loans for University: Evidence from Chile
利用智利的数据，通过回归断点设计发现，获得国家担保大学贷款的学生虽然放弃了职业教育，但毕业率降低，且劳动力市场表现与未获贷款者无显著差异，原因可能在于接收院校质量较低。
We study the labor market returns to a state-guaranteed loan used to finance university degrees in Chile. Using a regression discontinuity design, we show that marginally eligible students forgo vocational education in favor of university education but reduce their probability of graduation. Even though university loan takers accumulate more student debt, their labor market outcomes are not different from those of ineligible students. We find suggestive evidence that the lower quality of the receiving institutions accounts for these results. Finally, we extrapolate the effects away from the eligibility cutoff and show that supramarginal students benefit from this policy.