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

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  • Erica Field
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    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://www.aeaweb.org/articles.php?doi=10.1257/app.1.1.1
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    Bibliographic 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

    Note: DOI: 10.1257/app.1.1.1
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    Web page: http://www.aeaweb.org/aej-applied
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    Cited by:
    1. David Flacher & Hugo Harari-Kermadec & Léonard Moulin, 2011. "Contributory education scheme : theoretical basis and application," Post-Print hal-00606684, HAL.
    2. 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.
    3. Hugo Harari-Kermadec & David Flacher, 2011. "Tuition fees, self-esteem and social heterogeneity," Post-Print hal-00566151, HAL.
    4. Rothstein, Jesse & Rouse, Cecilia Elena, 2011. "Constrained after college: Student loans and early-career occupational choices," Journal of Public Economics, Elsevier, vol. 95(1-2), pages 149-163, February.
    5. Caetano, Gregorio & Patrinos, Harry A. & Palacios, Miguel, 2011. "Measuring aversion to debt: an experiment among student loan candidates," Policy Research Working Paper Series 5737, The World Bank.

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