Like Any Other Trap: The Circuitous Path of Student Loan Repayment
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| Title: | Like Any Other Trap: The Circuitous Path of Student Loan Repayment |
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| Language: | English |
| Authors: | Furquim, Fernando (ORCID |
| Source: | AERA Open. Jan-Dec 2022 8(1). |
| Availability: | SAGE Publications. 2455 Teller Road, Thousand Oaks, CA 91320. Tel: 800-818-7243; Tel: 805-499-9774; Fax: 800-583-2665; e-mail: journals@sagepub.com; Web site: http://sagepub.com |
| Peer Reviewed: | Y |
| Page Count: | 19 |
| Publication Date: | 2022 |
| Sponsoring Agency: | Institute of Education Sciences (ED) |
| Contract Number: | R305B150012 |
| Document Type: | Journal Articles Reports - Research |
| Education Level: | Higher Education Postsecondary Education |
| Descriptors: | Student Loan Programs, Loan Repayment, Loan Default, Racial Differences, Ethnicity, Social Class, Student Characteristics, Institutional Characteristics, Debt (Financial), Higher Education |
| Assessment and Survey Identifiers: | Beginning Postsecondary Students Longitudinal Study |
| ISSN: | 2332-8584 |
| Abstract: | This paper studies the patterns of individuals' student loan repayment for up to 12 years, tracking borrowers through the formative ages of the early 20s to the late 30s. Using social sequence and cluster analysis to understand these longitudinal repayment histories, we identify five archetypes of loan repayment that describe borrowers' experiences: persistent defaulters, perpetual payers, rapid full payers, late full payers, and consolidators. We find significant stratification by race/ethnicity, social class, and institutional sector into repayment clusters, with minoritized borrowers and those attending for-profit institutions more likely to experience adverse borrowing outcomes and to experience them for longer. |
| Abstractor: | As Provided |
| Notes: | https://www.openicpsr.org/openicpsr/project/165382/version/V1/view |
| IES Funded: | Yes |
| Entry Date: | 2023 |
| Accession Number: | EJ1360475 |
| Database: | ERIC |
| Abstract: | This paper studies the patterns of individuals' student loan repayment for up to 12 years, tracking borrowers through the formative ages of the early 20s to the late 30s. Using social sequence and cluster analysis to understand these longitudinal repayment histories, we identify five archetypes of loan repayment that describe borrowers' experiences: persistent defaulters, perpetual payers, rapid full payers, late full payers, and consolidators. We find significant stratification by race/ethnicity, social class, and institutional sector into repayment clusters, with minoritized borrowers and those attending for-profit institutions more likely to experience adverse borrowing outcomes and to experience them for longer. |
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| ISSN: | 2332-8584 |
