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Racial Disparities in Student Loan Outcomes

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Abstract

Total household debt balances increased by $92 billion in the third quarter of 2019, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. The balance increase reflected nearly across the board gains in various types of debt, with the largest gains of $31 billion in mortgage balances (0.3 percent) and $20 billion in student loan balances (1.4 percent). The Quarterly Report, and the following analysis, are both based on the New York Fed’s Consumer Credit Panel, which is itself based on anonymized Equifax credit report data. Our report also provides breakouts by age, and by state, demonstrating that patterns of borrowing and repayment are heterogeneous by those factors. But there are many other dimensions across which we see varying credit market outcomes.

Suggested Citation

  • Andrew F. Haughwout & Donghoon Lee & Joelle Scally & Wilbert Van der Klaauw, 2019. "Racial Disparities in Student Loan Outcomes," Liberty Street Economics 20191113a, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87363
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    More about this item

    Keywords

    heterogeneity; consumer credit panel; household finances; CCP; student loans;
    All these keywords.

    JEL classification:

    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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