学生贷款对大学生入学的影响外文文献翻译.docx

1、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The effect of student loans on college enrollment: Evidence from municipality panel data in JapanShinpei SanoAbstractThis study examines whether the criteria expansion for student loan eligibility promotes the college enrollment of high school graduates in J

2、apan. In 1999, the Japan Student Services Organization revised the eligibility criteria of the student loan system based on household earnings. Before the revision, the maximum allowable earnings for student loan applications differed across regions; some regions had lower criteria than others. Afte

3、r the revision, the criteria for regions with lower maximum allowable earnings were adjusted upwards to match regions with higher ones. We conducted a difference-in-differences estimation by using municipal panel data from 1998 to 2003. We found that the expansion of eligibility for student loans im

4、proved the male college enrollment rate by around 0.5 to 0.7% points, while female enrollment was less sensitive to the expansion of student loan eligibility. The impact of the student loan eligibility expansion is larger for low income areas.Keywords：College enrollment，Student loans，Difference-in-d

5、ifferencesHuman capital accumulation (e.g., via higher education provision) is one of the most important approaches to improving productivity and bridging income disparities. In Japan, the demand for higher education has increased in the past several decades, with increased employability along with

6、the consequent decreased unemployment rates for those with higher education. In 2010, approximately 45% of adults attained tertiary education, and the percentage of students continuing their tertiary education was an estimated 54.3%. The return to higher education is estimated to be around 510% in J

7、apan (Sano and Yasui, 2009;Nakamuro et al., 2017;Kikuchi, 2017).Investment in higher education is heavily dependent on private sources in Japan. For example, of the total amount spent on tertiary-level education, 50.7% came from household expenditures (OECD, 2012). Additionally, the OECD highlights

8、that although tertiary tuition fees are high, and financial aid is limited, Japan remains one of the countries with the lowest levels of public expenditure on tertiary education against their GDP: 0.5% compared to the OECD average of 1.1%. Policy makers and education researchers advocate for an incr

9、ease of student aid options for students in higher education (Kobayashi, 2009).One of the major student aid sources in Japan is the student loans system offered by the Japan Student Services Organization (hereafter JASSO). The proportion of university students who are loan recipients was 38.2% in 20

10、12. The loan amount offered by JASSO would sufficiently cover almost all the tuition fees at national/public institutions and 8099% of the fees at private universities. JASSOs loan facilities aim to provide financial assistance to academically excellent students who are unable to pursue their studie

11、s due to financial reasons.Understanding the mechanisms by which financial aid for household affects educational investment in higher education would have important policy implications. For example, in the case of imperfect financial market, if low-income households with financial constrains invest

12、less in their childrens education than wealthier households, offering student loan by government can be justified on equity grounds. Evaluating the impact of student loan on investment in higher education offers the information about the design of student loan system such as the loan amount, the eli

13、gibility criteria for student loans.While the study of the impact of student loans on tertiary enrollment remains important for researchers and policymakers, there are two challenges to identify the impact in Japan. Firstly, the challenge in attempting to identify the causal impact of student loan o

14、n college enrollment is the endogeneity of receiving a loan. Since student loans are received by students with better academic backgrounds, their student loan variable could reflect unobserved student characteristics that affect the decision to go to college. In a vast literature, researchers have t

15、ried to eliminate the unobservable factors using experimental design. For example,Dynarski (2000,2003),Cornwell et al. (2006),Singell et al. (2006),Winters (2012), and related literatures utilize exogenous variation in both birth cohort and birth place to evaluate State Merit Aid Program in US.1It i

16、s not easy to find this situation, because Japanese student loan system is setting unitary.Secondly, there is insufficient research to examine the effects of student aid in Japan due to the lack of a proper data set for analysis of the determinants of college enrollment. Previous research in Japan u

17、sed aggregated data (Zani, 1989) or micro data with restriction.Nakamura (1993)used the Employment Status Survey and found a positive relationship between parental background and college enrollment only for co-resident high school student in metropolitan areas.Kobayashi (2009)also found a positive r

18、elationship between parental background and college enrollment for freshman using the Student Life Survey. Employment Status Survey, large sample cross-section data with rich information about household, can link the information between household situation and college enrollment only for co-resident

19、 college students after enrollment decision due to survey design. Student Life Survey has rich information about college students, but does not include information at the timing of enrollment decision. Neither previous study analyzed the effect of receipts of student loans prior to entrance into col

20、lege on decision to enroll the college due to data limitation.In this paper, we focus on the JASSO reform in 1999 to identify the effect of student loans on college enrollment using municipality panel data to solve these problems. One of the most fundamental revisions of this reform was the change i

21、n the eligibility criteria for student loans based on household earnings depending on the recipients municipality of residence. Before the revision, the maximum allowable earnings for student loan applications differed across regions; the criteria for some regions were lower than others. After the r

22、evision, the criteria in the regions with lower maximum allowable earnings were adjusted upwards to match regions with higher ones. In other words, this meant that after the revision, more high school students living in regions with the lower criteria were eligible for JASSO college loans. This situ

23、ation provided us with relevant and appropriate context for a natural experiment to identify the effect of eligibility expansion for student loans while controlling for unobserved factors that may affect the decision to enroll in tertiary education. Additionally, we use the municipality panel data b

24、ased onthe Basic School Survey. This survey, school-related statistics, includes number of college and university students enrolled from surveyed school, but does not include the household-related information. Aggregating school information by school-located municipalities and merging to other munic

25、ipality data sets allow us to analyze the relationship between household situation and enrollment decision.3This study makes at least two contributions to the extant literature. Firstly, we offer the evidence about the causal impact of student loan on college entrance. Our paper is in the line with

26、previous studies that have applied exogenous variations, such as natural experiments, to identify the impact of student aid on educational outcomes using variation in both birth cohort and birth place such as State Merit Aid Program in US (Dynarski, 2000,2003;Cornwell et al., 2006;Singell et al., 20

27、06;Winters, 2012;Sjoquist and Winters, 2015). In this study, we extend the literature on this topic by evaluating the expansion effects of student loan eligibility by utilizing exogenous and regional variation in Japan with unite system. Secondly, evaluating the impact of student loan on college enr

28、ollment in Japan is important for educational policy. Despite heavier burden of tertiary education on private sector, Japan is one of the highest shares of tertiary-educated adult of all OECD countries. This study offers the evidence about the design of student loan system.The remainder of this pape

29、r is organized as follows. The Japanese education system consists of six years of compulsory education (elementary and lower secondary education such as junior high school), three years of upper secondary education (typically high school),and higher education (ranging from two years for college and

30、four years for university). As of 2000, there were 86 national universities, 95 public universities, and 597 private universities as well as 395 two-year colleges in Japan. University enrolments have been rising at an average rate of 1.4% per year over the last three decades. There were about 2.8 mi

31、llion students in university and 0.15 million in college in 2000.The costs and benefits of attending college or university are as follows. Students prepare for the entrance examination to entry into a college or university, and students must pass the entrance exam between January and March before th

32、e semester commences in April. Tuition fees are the other direct cost of attending college or university. In 2000, the annual tuition fee was 520,800 yen for national universities and 817,952 yen, on average, for private universities. According to Japans Ministry of Education, Culture, Sports, Scien

33、ce and Technology (MEXT), the ratio of tuition fees to family disposable income ranged from 1.5% to 2.7% in 2000. The benefit from graduating from college or university is high. The return to higher education is estimated to be around 510% in Japan (Sano and Yasui, 2009;Nakamuro et al., 2017;Kikuchi, 2017).Student loans are one of th