Student loans disbursed and tuition are recorded in thousands of 2014 dollars
Figure 3 plots estimates of the marginal effect of student loan debt against the borrower’s age for several different specifications, along with 95% and 90% confidence intervals robust to clustering at the home state level
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
This table reports second-stage instrumental variable probit estimates of the effect of student loans on the probability of becoming a homeowner by age 26
| Variable | Probability of Homeownership by Age 26 | ||||||
|---|---|---|---|---|---|---|---|
| Full Sample | No Pell(6) | PSE Only(7) | |||||
| (1) | (2) | (3) | (4) | (5) | |||
| Student loans disbursed | ?.023* | ?.016* | ?.013 | ?.013 | ?.013 | ?.018* | ?.020* |
| (.014) | (.008) | (.009) | (.008) | (.009) | (.009) | (.012) | |
| Tuition | .004 | ?.000 | .001 | .001 | |||
| (.003) | (.001) | (.003) | (.003) | ||||
| Ever public 4 year | .221*** | .081** | .062* | .061* | .063* | .062** | .086* |
| (.078) | (.033) | (.035) | (.035) | (.037) | (.028) | (.046) | |
| No college | ?.088*** | ?.077*** | ?.077*** | ?.080*** | ?.105*** | ||
| (.016) | (.016) | (.016) | (.017) | (.025) | |||
| Associate’s/certificate | .157*** | .156*** | .156*** | .161*** | .175*** | .145*** | |
| (.032) | (.031) | (.031) | (.030) | (.037) | (.045) | ||
| Bachelor’s | .224*** | .226*** | .226*** | .233*** | .217*** | .236*** | |
| (.035) | (.037) | (.037) | (.038) | (.032) | (.029) | ||
| Master’s or more | .314*** | .332*** | .331*** | .331*** | .320*** | .339*** | |
| (.080) | (.082) | (.082) | (.080) | (.071) | (.083) | ||
| Degree of unknown type | .236*** | .235*** | .235*** | .235*** | .276*** | .207*** | |
| (.052) | (.048) | (.048) | (.048) | (.058) | (.070) | ||
| Ever public 2 year | ?.046** | ?.027 | ?.027 | ?.031 | ?.034* | ?.047 | |
| (.018) | (.020) | (.020) | (.021) | (.018) | (.029) | ||
| Ever private 4 year not for profit | .117* | .093 | .093 | .099 | .114* | .148 | |
| (.069) | (.072) | (.072) | (.077) | (.066) | (.101) | ||
| Ever private 2 year not for profit | .085*** | .076* | .076* | .083** | .123*** | .088** | |
| (.031) | (.041) | (.041) | (.042) | (.045) | (.041) | ||
| Ever private for profit | .001 | ?.003 | ?.003 | ?.004 | .057 | .007 | |
| (.022) | (.022) | (.022) | (.024) | (.041) | (.035) | ||
| Ever Pell | .019 | .008 | .008 | payday loans Kentucky.012 | .041 | ||
| (.037) | (.037) | (.037) | (.039) | (.059) | |||
| College major controls | No | Yes | Yes | Yes | Yes | Yes | Yes |
| Home state economic controls | No | No | No | Yes | No | No | No |
| Home state and cohort fixed effects | No | No | Yes | Yes | No | No | No |
| Home statebycohort fixed effects | No | No | No | No | Yes | Yes | Yes |
| Observations | 33,435 | 33,435 | 33,435 | 33,435 | 33,310 | 26,399 | 17,927 |
Note. (more…)