Student Loan Nudges: Experimental Evidence on Borrowing and Educational Attainment

We are grateful to the Lumina Foundation, ideas42, and the Russell Sage Foundation for financial support and to the participating community colleges for carrying out the experiments and providing the data used in this study. We also thank Eric Bettinger, Colleen Campbell, Judy Scott-Clayton, Dan Connolly, Alissa Fishbane, Jee Hang Lee, Dave Marcotte, and seminar participants at the Federal Reserve Bank of Chicago, Kansas State University, McMaster University, National University of Singapore, Teachers College Columbia University, University of Birmingham, University of Illinois, University of Maryland, University of North Carolina at Charlotte, University of Nottingham, 2015 TIBER Symposium on Psychology and Economics, 2015 and 2017 APPAM annual meetings, 2016 Advances with Field Experiments meeting, 2016 AEFP annual meeting, 2016 CESifo Area Conference on the Economics of Education, 2016 IPA Researcher Gathering on Financial Inclusion, 2016 NBER Fall Education Meeting, and 2017 Early-Career Behavioral Economics Conference for helpful comments and suggestions. Yuci Chen and Brian Feld provided excellent research assistance. The project was registered in the AEA RCT Registry with ID number AEARCTR-0000633 and approved by the UIUC Institutional Review Board under protocol #15366. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.