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Journal Article
Student Loans: A Primer
On average, higher education is a great investment: The average person with a four-year degree earns substantially more than the average high school graduate, and the cost of that degree is well below the financial benefits that are derived. However, borrowing to pay for education has risen dramatically in recent years, with outstanding student debt recently passing $1 trillion, which is almost four times the debt incurred in 2004. Today, an increasingly large number of borrowers are unable to make their student loan payments,4 which raises concerns about what this means for individuals and ...
Speech
Student Debt Affects Us All
Speaking to students at Saint Joseph's University, Philadelphia Fed President Patrick Harker discussed how rising student debt levels are affecting not just individual borrowers but the wider economy, including areas fundamental to future growth
Speech
The outlook for the U.S. economy in 2018 and beyond: remarks at the Securities Industry and Financial Markets Association, New York City
Remarks at the Securities Industry and Financial Markets Association, New York City.
Journal Article
Understanding the Generational Gaps in Homeownership
Student loan debt may contribute to the homeownership gap among generations.
Report
Student Loan Trends in the Third Federal Reserve District
The state of the student loan market has received much attention in recent years, as the number of borrowers and their collective debt have risen dramatically. These trends have been particularly problematic in the wake of the 2007?09 recession because increased unemployment and suppressed income impair borrowers? ability to make payments on their loans. This report outlines the recent history of student borrowing in the Third Federal Reserve District and explores lending patterns, by the neighborhood income of the borrower, to better understand the implications for low- and moderate-income ...