Chapman, Bruce;
Dearden, Lorraine;
(2022)
Income-contingent loans in higher education financing.
IZA World of Labor
, 2022
, Article 227v2. 10.15185/izawol.227.v2.
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Abstract
We use a large and novel administrative dataset to investigate returns to different university ‘degrees’ (subject-institution combinations) in the United Kingdom. Conditioning on a rich set of background characteristics, we find substantial variation in returns across degrees with similar selectivity levels, suggesting students’ degree choices matter a lot for later-life earnings. Returns increase with university selectivity much more at the top of the selectivity distribution than further down, and much more for some subjects than others. Returns are poorly correlated with observable degree characteristics other than selectivity, which could have important implications for student choices and the incentives of universities.
| Type: | Article |
|---|---|
| Title: | Income-contingent loans in higher education financing |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.15185/izawol.227.v2 |
| Publisher version: | https://wol.iza.org/articles/income-contingent-loa... |
| Language: | English |
| Additional information: | This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | income-contingent loans, time-based repayment loans, consumption smoothing, default insurance, repayment burdens |
| UCL classification: | UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education UCL > Provost and Vice Provost Offices > School of Education > UCL Institute of Education > IOE - Social Research Institute UCL > Provost and Vice Provost Offices > School of Education UCL |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10157552 |
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