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DTSTART:20251102T020000
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DESCRIPTION:Tomas Monarrez\, senior research fellow in the Consumer Finance
  Institute of the Federal Reserve Bank of Philadelphia will present “The E
 ffect of the Great Recession on Student Loan Borrowing and Repayment” as p
 art of the CPR Seminar Series.Abstract: We study the long-term effect of t
 he Great Recession on federal student loan borrowing and repayment. Using 
 detailed longitudinal data on federal student loan borrowers\, we compare 
 labor markets that faced varying degrees of unemployment severity during t
 he economic downturn. On average\, a one percentage point increase in Grea
 t Recession unemployment rates caused a 7% rise in total outstanding debt 
 and 6% percent rise in defaulted borrowers. Across institutional sectors\,
  the Great Recession accounted on average for between 19-32% of the total 
 increase in undergraduate student debt and 10-25% of the total increase in
  defaults. Borrowers who were students at the onset of the recession saw t
 he largest effects on accrued debt\, due to delayed graduation and lengthe
 ned enrollment spells.
DTEND:20250918T204500Z
DTSTAMP:20260614T125220Z
DTSTART:20250918T193000Z
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SUMMARY:The Effect of the Great Recession on Student Loan Borrowing and Rep
 ayment
UID:RFCALITEM639170239407077921
X-ALT-DESC;FMTTYPE=text/html:<p>Tomas Monarrez\, senior research fellow in 
 the Consumer Finance Institute of the Federal Reserve Bank of Philadelphia
  will present “The Effect of the Great Recession on Student Loan Borrowing
  and Repayment” as part of the CPR Seminar Series.</p><p>Abstract: We stud
 y the long-term effect of the Great Recession on federal student loan borr
 owing and repayment. Using detailed longitudinal data on federal student l
 oan borrowers\, we compare labor markets that faced varying degrees of une
 mployment severity during the economic downturn. On average\, a one percen
 tage point increase in Great Recession unemployment rates caused a 7% rise
  in total outstanding debt and 6% percent rise in defaulted borrowers. Acr
 oss institutional sectors\, the Great Recession accounted on average for b
 etween 19-32% of the total increase in undergraduate student debt and 10-2
 5% of the total increase in defaults. Borrowers who were students at the o
 nset of the recession saw the largest effects on accrued debt\, due to del
 ayed graduation and lengthened enrollment spells.</p>
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