研究 In Conversation: Experts on Student Loan Payments and JPMC 研究所 研究

从左至右:戴安娜·法雷尔(JPMC研究所), 詹姆斯·克瓦尔(大学入学与成功研究所), Jason Delisle(美国企业研究所), 莎拉·萨特梅尔(皮尤慈善信托基金).

7月24日, 2019, t­­he 澳博官方网站app 研究所 held a panel discussion to address the challenges with student loan repayment and default in conjunction with the release of our inaugural report on student loans, 学生贷款支付:来自400万个家庭的证据.  艾丽卡亡灵, JPMC研究所消费者研究主管, kicked off the event by presenting insights from the 研究所’s new student loan payments research to provide context for the panel discussion. 这份报告, 它采用了以支付为中心的镜头, 是基于高频的吗, 去标识数据集由4个组成.6 million families that have made at least one student loan payment between 2012 and 2018. This granular perspective allows us to observe student loan payments and associated financial behavior.

法雷尔, 澳博官方网站app研究所总裁兼首席执行官, then moderated a discussion with  expert panelists James Kvaal from the 研究所 of for College Access and Success (TICAS), 美国企业研究所(AEI)的Jason Delisle, 以及皮尤慈善信托基金的莎拉·萨特尔迈耶. The panelists highlighted a common challenge of gathering the right data to study and address the current state of student loans, including access to research-ready data sets and collaboration with institutional partners. The panelists also assessed current solutions to assist borrowers in paying off their loans, 例如收入驱动还款计划(idr), and explored ways in which the discourse around student loan repayment can more holistically address gaps in the current policy framework.

James Kvaal强调了研究的重要性, 比如JPMC研究所, which delves into how people with student loans interact with the repayment system. The 研究所’s work on payment frequency shows that payments are actually inconsistent on a month-to-month basis, meaning that some borrowers may pay a few months of their loan and then stop making payments for a period of time before resuming again. Jason Delisle agreed with 研究所 findings that show borrowers don’t always or never make loan payments, 而是要表现得介于两者之间. He described this “volatile student loan payer” as an emerging identity of many borrowers. Sarah Sattelmeyer additionally noted that anecdotal evidence from Pew studies supports the borrower experience documented by 研究所 research; the way borrowers interact with the repayment system is not simply a matter of pay or default.

The panel explored how the complexities of the student loan repayment system can be an obstacle to borrowers when paying down their loan. 有这么多类型的还款计划可供借款人选择, it is often difficult for borrowers to understand the differences between options and choose the appropriate plan for their needs. Sattelmeyer explained that it’s also less likely that people identify with a payment plan, 获得报酬的机制, 他们更有可能认同 有付款金额, surmising that both the volume and complexity of these plans can serve as a barrier to borrower enrollment in programs that can offer financial relief.

例如, IDRs offer borrowers flexibility for repayment in theory but require an annual recertification of income to continue enrollment in the program, 给借款人带来实施方面的挑战.  戴安娜·法雷尔指出了这一点, “家庭每月都经历收入波动, 不仅仅是每年,” citing the 研究所’s research related to how families weather income and expense volatility. 小组成员讨论了其他方案, 比如自动扣工资, but pointed out some of the complications in implementation of these as well.

Panelists emphasized the importance of considering the individual when thinking about repayment program 设计 and implementation, highlighting that student loan repayment is just one element of their broader financial lives.  Identifying what types of borrowers experience early payment distress and why they may experience it can help 政策制定者 think about how to get them in the right kind of payment plan at their first point of contact with the repayment system. 事实上, Kvaal stressed that how students experience higher education is not monolithic—and neither are borrowers’ experiences with the student loan repayment system.

随着讨论的结束, panelists suggested tactical changes that could be made to program research, 设计, and implementation to create administrative efficiencies and simplify the interaction between borrowers and repayment structures, 比如建立更全面和可共享的数据集. 然而, there are also changes to be made in the way we think about student loans as just one piece of a family’s financial puzzle. By considering families’ overall income volatility as a key piece to the puzzle, we can ensure we are building solutions for student loan debt and repayment that are both targeted and holistic.

We thank each of our panelists and our attendees who contributed to this important and rich discussion. 我们期待在这一问题上继续开展合作与对话.

Viewpoints of our panelists are their own and not representative of their organizations.

澳博官方网站app研究所的使命是帮助决策者, 政策制定者, 企业, 非营利组织的领导者们也很欣赏这种规模, 粒度, 多样性, and interconnectedness of the global economic system and use timely data and thoughtful analysis to make more informed decisions that advance prosperity for all.