The federal government encourages human capital investment through lending and grant programs, but resources from these programs may also finance non-education activities for students whose liquidity is otherwise restricted. This paper explores this possibility, using administrative data for the...

This note analyzes the individual credit records from the FRBNY Consumer Credit Panel/Equifax (CCP) to better understand the extent to which the migration of borrowers between risk categories has contributed to recent evolutions in debt balances by category, focusing on changes during the past...