Student Loans, Access to Credit, and Consumer Credit Demand
研究发现学费上涨导致的学生贷款债务增加，既提高了借款人对额外消费信贷的需求，又限制了其获取信贷的能力，净效应取决于信贷市场的承销宽松程度。
Abstract This paper provides novel evidence that increased student loan debts, caused by rising tuitions, increase borrowers’ demand for additional consumer debt, while simultaneously restricting their ability to access it. The net effect of student loan debt on consumer borrowing varies by market, depending on whether the supply or demand channel dominates. In loosely underwritten credit markets, increased student loan debt causes borrowing to increase, while in tightly underwritten markets, increased student loan debt reduces credit use. These findings match predictions of a standard life cycle model of household consumption and borrowing, augmented by a realistic student loan repayment contract.