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Educational Debt Burden and Career Choice: Evidence from a Financial Aid Experiment at NYU Law School

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Author Info
Erica Field
Abstract

This paper examines the influence of psychological responses to debt on career choices from an experiment in which alternative financial aid packages were assigned by lottery to a set of law school admits. The packages had equivalent monetary value, but one required the student to take on a loan that would be paid for by the school if he worked in public interest law, while the other covered tuition as long as the student worked in public interest law. If he did not, the student would be required to reimburse the school. Tuition assistance recipients have a 36 to 45 percent higher public interest placement rate and, when lottery results were announced before enrollment, were twice as likely to enroll. (JEL I21, I22, J44, D14)

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File URL: http://hdl.handle.net/10.1257/app.1.1.1
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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/app.1.1.1
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Publisher Info
Article provided by American Economic Association in its journal American Economic Journal: Applied Economics.

Volume (Year): 1 (2009)
Issue (Month): 1 (January)
Pages: 1-21
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Handle: RePEc:aea:aejapp:v:1:y:2009:i:1:p:1-21

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  1. Philip Oreopoulos & Kjell G. Salvanes, 2009. "How large are returns to schooling? Hint: Money isn't everything," NBER Working Papers 15339, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-12-13.

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