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The rise in student loan defaults

机译：学生贷款违约率上升

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We examine the rise in student loan defaults in the Great Recession by linking administrative student loan data at the individual borrower level to student loan borrowers’ individual tax records. A Blinder-Oaxaca style decomposition shows that shifts in the composition of student loan borrowers and the massive collapse in home prices during the Great Recession can each account for approximately 30% of the rise in student loan defaults. Falling home prices affect student loan defaults by impairing individuals’ labor earnings, especially for low income jobs. By contrast, when comparing the default sensitivities of homeowners and renters, we find no evidence that falling home prices affect student loan defaults through a home equity-based liquidity channel. The Income Based Repayment (IBR) program introduced by the federal government in the wake of the Great Recession reduced both student loan defaults and their sensitivity to home price fluctuations, thus providing student loan borrowers with valuable insurance against negative shocks.
机译：通过将个人借款人级别的行政学生贷款数据与学生借款人的个人税收记录相关联，我们研究了大萧条中学生贷款违约率的上升。 Blinder-Oaxaca风格的分解表明，大萧条期间学生贷款借款人构成的变化和房价的大幅下跌，各自可导致学生贷款违约上升的30％。房价下跌会损害个人的劳动收入，特别是对于低收入工作，会影响学生贷款违约。相比之下，当比较房主和房客的违约敏感性时，我们找不到证据表明房价下跌会通过基于房屋净值的流动性渠道影响学生贷款违约。在大萧条之后，联邦政府推出了基于收入的还款（IBR）计划，既降低了学生贷款违约率，又降低了其对房价波动的敏感性，从而为学生贷款借款人提供了抵御负面冲击的宝贵保障。

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