publication . Other literature type . Article . 2015

Are Millennials with Student Loans Upwardly Mobile?

Stephan D. Whitaker;
Open Access
  • Published: 01 Oct 2015
  • Publisher: Federal Reserve Bank of Cleveland
Abstract
<jats:p>Students have been amassing ever-growing levels of debt to attend college. The situation has raised concerns about whether the debt is high enough that the benefits of borrowing—in terms of students' future socioeconomic outcomes—are compromised. This Commentary investigates relationships between student debt, mobility, and upward social mobility. The findings suggest that student debts have not become so burdensome that they undo the advantages of higher skills. However, the advantages enjoyed by heavily indebted millennial students relative to nonborrowers have declined substantially from the advantages enjoyed by the heaviest borrowers in Generation X...
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Subjects
free text keywords: Undo, Debt, media_common.quotation_subject, media_common, Actuarial science, Social mobility, Economics, Socioeconomic status, Labour economics, Student debt
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