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ABSTRACT
We investigate the impact of housing wealth, credit availability and financial distress on college enrolment decisions. We find that housing wealth is negatively related to enrolment in public schools and positively related to enrolment in private schools. This evidence suggests that, on average, students substituted away from private schools towards public institutions during the recent financial crisis.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes
1 We repeat the analysis using only schools with less than 90% of enrolment from in-state students and find no significant results.
2 Amounts for individual loans are considered as zero if the borrower has negative equity or if the borrower is currently delinquent on payments.
3 See the 2011 US Census Wealth Highlights Report: https://www.census.gov/people/wealth/files/Wealth%20Highlights%202011.pdf
4 Borrower may also make larger than contractually required payments, leading to an even greater increase in equity, all else equal.