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Graduating During the Great Recession: The Effects of Student Loan Debt on Early Career Labor Market Outcomes and Graduate School Enrollment

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  • Alexandra Bernasek
  • Melanie G. Long

Abstract

Total U.S. student loan debt has grown substantially, raising concerns about its impacts. Previous work has suggested that indebted graduates pursue higher-wage careers. However, other trade-offs are possible in adverse economic conditions. Graduates may reduce search effort or hold multiple low-wage jobs to enable debt repayment. This article assesses student debt’s impacts on the outcomes of U.S. bachelor’s degree recipients entering the labor market during the 2008 Recession. We find that indebted students graduating into a recession face the repayment burden with wages that are no higher than average and are less or no more likely to enroll in graduate school.

Suggested Citation

  • Alexandra Bernasek & Melanie G. Long, 2021. "Graduating During the Great Recession: The Effects of Student Loan Debt on Early Career Labor Market Outcomes and Graduate School Enrollment," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 891-913, October.
    • Handle: RePEc:mes:jeciss:v:55:y:2021:i:4:p:891-913
    DOI: 10.1080/00213624.2021.1982337
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