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SUMMARY:Student Loan Forgiveness - Constantine Yannelis (University of Chi
 cago)
DTSTART:20241128T130000Z
DTEND:20241128T140000Z
UID:TALK218374@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:Student loan forgiveness has been proposed as a means to allev
 iate soaring student loan burdens. Who benefits from loan forgiveness\, an
 d how does it affect borrowers? This paper uses administrative credit bure
 au data to study the distributional\, consumption\, borrowing\, and employ
 ment effects of the largest event of student loan forgiveness in history. 
 Beginning in March 2021\, the United States federal government ordered $13
 2 billion in student loans cancelled\, or 7.8% of the total $1.7 trillion 
 in outstanding student debt. We find that student loan forgiveness led to 
 increases in mortgage\, auto\, and credit card debt. We find small or no e
 ffects on non-student loan delinquencies. Borrowers' monthly earnings and 
 employment fall. 
LOCATION:Castle Teaching Room\, CJBS
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