College Loans and Human Capital Investment
通过结构模型分析大学贷款及还款政策对毕业后人力资本投资的影响，发现收入驱动还款计划能小幅提升教育程度、终身收入和福利，并增加政府税收。
ABSTRACT College loans facilitate access to education, but the repayment burden may distort posteducation human capital investment. We examine the role of college loans and loan repayment policies through a structural model of individuals' dynamic decisions on borrowing/saving, labor supply, and costly human capital investment. We estimate two versions of the model using data from NLSY79: one with natural borrowing limits and another with parameterized limits. Counterfactual simulations suggest that, relative to the standard fixed repayment plan, income‐driven repayment (IDR) plans modestly increase educational attainment, lifetime earnings, and individual welfare; accounting for lifetime income taxes, they also increase government revenue.