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Credit Access and the College-persistence Decision of Working Students: Policy Implications for New England

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Abstract

This study assesses the effects of involuntary job loss and access to credit card loans on working college students’ decision to either remain in school (college persistence) or drop out. The authors conducted the underlying analysis using national data, but their findings are especially relevant to New England, where higher education employs 4 percent of the region’s workforce—more than twice the national average. College persistence therefore carries implications not only for the individual students, but also for the vitality of the region’s labor market.

Suggested Citation

  • Lucy McMillan & Pinghui Wu, 2023. "Credit Access and the College-persistence Decision of Working Students: Policy Implications for New England," New England Public Policy Center Research Report 23-2, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbcr:97523
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    References listed on IDEAS

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    1. Peter Debbaut & Andra Ghent & Marianna Kudlyak, 2016. "The CARD Act and Young Borrowers: The Effects and the Affected," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(7), pages 1495-1513, October.
    2. Barr, Andrew & Turner, Sarah, 2015. "Out of work and into school: Labor market policies and college enrollment during the Great Recession," Journal of Public Economics, Elsevier, vol. 124(C), pages 63-73.
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    More about this item

    Keywords

    New England; NEPPC; credit card loans; unemployment; college persistence;
    All these keywords.

    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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