Student loan debt in the US stands at roughly $1 trillion, exceeding credit card debt. In recent years, private lending for undergraduates has skyrocketed to account for roughly 20% of all student loan dollars disbursed. At the same time, youth from low-income families are significantly less...

This paper investigates the importance of family borrowing constraints in determining human capital investments in children at early and late ages. We begin by providing new empirical evidence that suggests binding borrowing constraints among at least some families with young children. Next, we...