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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
Language: English
Authors: Furquim, Fernando (ORCID 0000-0002-3283-9658), Deane, K. C., McCall, Brian P., DesJardins, Stephen L.
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
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  Data: Like Any Other Trap: The Circuitous Path of Student Loan Repayment
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  Data: <searchLink fieldCode="AR" term="%22Furquim%2C+Fernando%22">Furquim, Fernando</searchLink> (ORCID <externalLink term="https://orcid.org/0000-0002-3283-9658">0000-0002-3283-9658</externalLink>)<br /><searchLink fieldCode="AR" term="%22Deane%2C+K%2E+C%2E%22">Deane, K. C.</searchLink><br /><searchLink fieldCode="AR" term="%22McCall%2C+Brian+P%2E%22">McCall, Brian P.</searchLink><br /><searchLink fieldCode="AR" term="%22DesJardins%2C+Stephen+L%2E%22">DesJardins, Stephen L.</searchLink>
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  Data: <searchLink fieldCode="SO" term="%22AERA+Open%22"><i>AERA Open</i></searchLink>. Jan-Dec 2022 8(1).
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  Data: 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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    Languages:
      – Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 19
    Subjects:
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Loan Default
        Type: general
      – SubjectFull: Racial Differences
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      – SubjectFull: Ethnicity
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      – SubjectFull: Social Class
        Type: general
      – SubjectFull: Student Characteristics
        Type: general
      – SubjectFull: Institutional Characteristics
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      – SubjectFull: Debt (Financial)
        Type: general
      – SubjectFull: Higher Education
        Type: general
      – SubjectFull: Beginning Postsecondary Students Longitudinal Study
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    Titles:
      – TitleFull: Like Any Other Trap: The Circuitous Path of Student Loan Repayment
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