学生贷款对大学生入学的影响外文文献翻译.docx

学生贷款对大学生入学的影响外文文献翻译.docx

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学生贷款对大学生入学的影响外文文献翻译

学生贷款对大学生入学的影响外文翻译2019

英文

Theeffectofstudentloansoncollegeenrollment:

EvidencefrommunicipalitypaneldatainJapan

ShinpeiSano

Abstract

ThisstudyexamineswhetherthecriteriaexpansionforstudentloaneligibilitypromotesthecollegeenrollmentofhighschoolgraduatesinJapan.In1999,theJapanStudentServicesOrganizationrevisedtheeligibilitycriteriaofthestudentloansystembasedonhouseholdearnings.Beforetherevision,themaximumallowableearningsforstudentloanapplicationsdifferedacrossregions;someregion’shadlowercriteriathanothers.Aftertherevision,thecriteriaforregionswithlowermaximumallowableearningswereadjustedupwardstomatchregionswithhigherones.Weconductedadifference-in-differencesestimationbyusingmunicipalpaneldatafrom1998to2003.Wefoundthattheexpansionofeligibilityforstudentloansimprovedthemalecollegeenrollmentratebyaround0.5to0.7%points,whilefemaleenrollmentwaslesssensitivetotheexpansionofstudentloaneligibility.Theimpactofthestudentloaneligibilityexpansionislargerforlowincomeareas.

Keywords：

Collegeenrollment，Studentloans，Difference-in-differences

Humancapitalaccumulation（e.g.,viahighereducationprovision）isoneofthemostimportantapproachestoimprovingproductivityandbridgingincomedisparities.InJapan,thedemandforhighereducationhasincreasedinthepastseveraldecades,withincreasedemployabilityalongwiththeconsequentdecreasedunemploymentratesforthosewithhighereducation.In2010,approximately45%ofadultsattainedtertiaryeducation,andthepercentageofstudentscontinuingtheirtertiaryeducationwasanestimated54.3%.Thereturntohighereducationisestimatedtobearound5–10%inJapan（SanoandYasui,2009; Nakamuroetal.,2017; Kikuchi,2017）.

InvestmentinhighereducationisheavilydependentonprivatesourcesinJapan.Forexample,ofthetotalamountspentontertiary-leveleducation,50.7%camefromhouseholdexpenditures（OECD,2012）.Additionally,theOECDhighlightsthatalthoughtertiarytuitionfeesarehigh,andfinancialaidislimited,JapanremainsoneofthecountrieswiththelowestlevelsofpublicexpenditureontertiaryeducationagainsttheirGDP:

0.5%comparedtotheOECDaverageof1.1%.Policymakersandeducationresearchersadvocateforanincreaseofstudentaidoptionsforstudentsinhighereducation（Kobayashi,2009）.

OneofthemajorstudentaidsourcesinJapanisthestudentloanssystemofferedbytheJapanStudentServicesOrganization（hereafterJASSO）.Theproportionofuniversitystudentswhoareloanrecipientswas38.2%in2012.TheloanamountofferedbyJASSOwouldsufficientlycoveralmostallthetuitionfeesatnational/publicinstitutionsand80–99%ofthefeesatprivateuniversities.JASSO’sloanfacilitiesaimtoprovidefinancialassistancetoacademicallyexcellentstudentswhoareunabletopursuetheirstudiesduetofinancialreasons.

Understandingthemechanismsbywhichfinancialaidforhouseholdaffectseducationalinvestmentinhighereducationwouldhaveimportantpolicyimplications.Forexample,inthecaseofimperfectfinancialmarket,iflow-incomehouseholdswithfinancialconstrainsinvestlessintheirchildren’seducationthanwealthierhouseholds,offeringstudentloanbygovernmentcanbejustifiedonequitygrounds.Evaluatingtheimpactofstudentloanoninvestmentinhighereducationofferstheinformationaboutthedesignofstudentloansystemsuchastheloanamount,theeligibilitycriteriaforstudentloans.

Whilethestudyoftheimpactofstudentloansontertiaryenrollmentremainsimportantforresearchersandpolicymakers,therearetwochallengestoidentifytheimpactinJapan.Firstly,thechallengeinattemptingtoidentifythecausalimpactofstudentloanoncollegeenrollmentistheendogeneityofreceivingaloan.Sincestudentloansarereceivedbystudentswithbetteracademicbackgrounds,theirstudentloanvariablecouldreflectunobservedstudentcharacteristicsthataffectthedecisiontogotocollege.Inavastliterature,researchershavetriedtoeliminatetheunobservablefactorsusingexperimentaldesign.Forexample, Dynarski（2000, 2003）, Cornwelletal.（2006）, Singelletal.（2006）, Winters（2012）,andrelatedliteraturesutilizeexogenousvariationinbothbirthcohortandbirthplacetoevaluateStateMeritAidPrograminUS.1 Itisnoteasytofindthissituation,becauseJapanesestudentloansystemissettingunitary.

Secondly,thereisinsufficientresearchtoexaminetheeffectsofstudentaidinJapanduetothelackofaproperdatasetforanalysisofthedeterminantsofcollegeenrollment.PreviousresearchinJapanusedaggregateddata（Zani,1989）ormicrodatawithrestriction. Nakamura（1993） usedtheEmploymentStatusSurveyandfoundapositiverelationshipbetweenparentalbackgroundandcollegeenrollmentonlyforco-residenthighschoolstudentinmetropolitanareas. Kobayashi（2009）alsofoundapositiverelationshipbetweenparentalbackgroundandcollegeenrollmentforfreshmanusingtheStudentLifeSurvey.EmploymentStatusSurvey,largesamplecross-sectiondatawithrichinformationabouthousehold,canlinktheinformationbetweenhouseholdsituationandcollegeenrollmentonlyforco-residentcollegestudentsafterenrollmentdecisionduetosurveydesign.StudentLifeSurveyhasrichinformationaboutcollegestudents,butdoesnotincludeinformationatthetimingofenrollmentdecision.Neitherpreviousstudyanalyzedtheeffectofreceiptsofstudentloanspriortoentranceintocollegeondecisiontoenrollthecollegeduetodatalimitation.

Inthispaper,wefocusontheJASSOreformin1999toidentifytheeffectofstudentloansoncollegeenrollmentusingmunicipalitypaneldatatosolvetheseproblems.Oneofthemostfundamentalrevisionsofthisreformwasthechangeintheeligibilitycriteriaforstudentloansbasedonhouseholdearningsdependingontherecipient’smunicipalityofresidence.Beforetherevision,themaximumallowableearningsforstudentloanapplicationsdifferedacrossregions;thecriteriaforsomeregionswerelowerthanothers.Aftertherevision,thecriteriaintheregionswithlowermaximumallowableearningswereadjustedupwardstomatchregionswithhigherones.Inotherwords,thismeantthataftertherevision,morehighschoolstudentslivinginregionswiththelowercriteriawereeligibleforJASSOcollegeloans.Thissituationprovideduswithrelevantandappropriatecontextforanaturalexperimenttoidentifytheeffectofeligibilityexpansionforstudentloanswhilecontrollingforunobservedfactorsthatmayaffectthedecisiontoenrollintertiaryeducation.Additionally,weusethemunicipalitypaneldatabasedon theBasicSchoolSurvey.Thissurvey,school-relatedstatistics,includesnumberofcollegeanduniversitystudentsenrolledfromsurveyedschool,butdoesnotincludethehousehold-relatedinformation.Aggregatingschoolinformationbyschool-locatedmunicipalitiesandmergingtoothermunicipalitydatasetsallowustoanalyzetherelationshipbetweenhouseholdsituationandenrollmentdecision.3

Thisstudymakesatleasttwocontributionstotheextantliterature.Firstly,weoffertheevidenceaboutthecausalimpactofstudentloanoncollegeentrance.Ourpaperisinthelinewithpreviousstudiesthathaveappliedexogenousvariations,suchasnaturalexperiments,toidentifytheimpactofstudentaidoneducationaloutcomesusingvariationinbothbirthcohortandbirthplacesuchasStateMeritAidPrograminUS（Dynarski,2000, 2003; Cornwelletal.,2006; Singelletal.,2006; Winters,2012; SjoquistandWinters,2015）.Inthisstudy,weextendtheliteratureonthistopicbyevaluatingtheexpansioneffectsofstudentloaneligibilitybyutilizingexogenousandregionalvariationinJapanwithunitesystem.Secondly,evaluatingtheimpactofstudentloanoncollegeenrollmentinJapanisimportantforeducationalpolicy.Despiteheavierburdenoftertiaryeducationonprivatesector,Japanisoneofthehighestsharesoftertiary-educatedadultofallOECDcountries.Thisstudyofferstheevidenceaboutthedesignofstudentloansystem.

Theremainderofthispaperisorganizedasfollows.

TheJapaneseeducationsystemconsistsofsixyearsofcompulsoryeducation（elementaryandlowersecondaryeducationsuchasjuniorhighschool）,threeyearsofuppersecondaryeducation（typicallyhighschool）,andhighereducation（rangingfromtwoyearsforcollegeandfouryearsforuniversity）.Asof2000,therewere86nationaluniversities,95publicuniversities,and597privateuniversitiesaswellas395two-yearcollegesinJapan.Universityenrolmentshavebeenrisingatanaveragerateof1.4%peryearoverthelastthreedecades.Therewereabout2.8millionstudentsinuniversityand0.15millionincollegein2000.

Thecostsandbenefitsofattendingcollegeoruniversityareasfollows.Studentspreparefortheentranceexaminationtoentryintoacollegeoruniversity,andstudentsmustpasstheentranceexambetweenJanuaryandMarchbeforethesemestercommencesinApril.Tuitionfeesaretheotherdirectcostofattendingcollegeoruniversity.In2000,theannualtuitionfeewas520,800yenfornationaluniversitiesand817,952yen,onaverage,forprivateuniversities.AccordingtoJapan’sMinistryofEducation,Culture,Sports,ScienceandTechnology（MEXT）,theratiooftuitionfeestofamilydisposableincomerangedfrom1.5%to2.7%in2000.Thebenefitfromgraduatingfromcollegeoruniversityishigh.Thereturntohighereducationisestimatedtobearound5–10%inJapan（SanoandYasui,2009; Nakamuroetal.,2017; Kikuchi,2017）.

Studentloansareoneofth