The Value of Student Debt Relief and the Role of Administrative Barriers: Evidence from the Teacher Loan Forgiveness Program
研究联邦教师贷款减免计划中借款人对债务减免的估值，发现资格和信息干预不影响就业决策，但信息提高了合格教师的申请率，行政障碍可能限制了参与。
We explore how much borrowers value student debt relief in the setting of the federal Teacher Loan Forgiveness program, which cancels between $5, 000 and $17, 500 in debt for teachers at high-need schools. Using both quasi-experimental evidence and a randomized controlled trial, we find that neither eligibility nor a targeted information intervention affects employment decisions. Information was found to increase application and receipt rates for teachers who had achieved eligibility. Evidence from contingent valuation surveys suggests that teachers do in general value debt relief. Incorporating qualitative evidence, we conclude that take-up may be constrained by program complexity and administrative barriers.