[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-detail-583935-en":59,"doc-seo-583935-105":81},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":5,"data":60},{"doc_id":61,"user_id":62,"nickname":63,"user_avatar":64,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":66,"doc_content":67,"file_id":68,"file_url":69,"file_type":70,"file_size":71,"view_count":72,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":73,"language":74,"language_code":75,"site_id":76,"html_lang":75,"table_of_contents":77,"faqs":78,"seo_title":79,"seo_description":66,"update_tm":80,"read_time":26,"preview_page_count":4},583935,137451211410,"\tCallum ","https://ap-avatar.wpscdn.com/avatar/2000bb0a9246f588df?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786362646172706240","Credit Access and the College-persistence Decision of Working Students - Research Report 23-2","Examines how employment and credit constraints shape college persistence among working students aged 18–24 in the United States. Analysis focuses on two linked questions: whether involuntary job loss increases dropout risk, and whether access to credit via credit card loans buffers the liquidity shock of unemployment. Results show job loss negatively affects persistence, with a stronger effect after 2008 likely tied to tighter CARD Act restrictions. Findings highlight the role of employment stability and small contingencies while emphasizing that credit card access does not imply improved overall welfare.","New England Public Policy Center  \nCredit Access and the College-persistence Decision of Working Students: Policy Implications for New England  \nBy Pinghui Wu and Lucy McMillan  \nRESEARCH REPORT 23-2  \nDecember 2023  \nNew England Public Policy Center  \n[www.bostonfed.org/neppc](www.bostonfed.org/neppc)  \nStaff  \nHope Bodenschatz Mary A. Burke Eli Inkelas Osborne Jackson Lucy McMillan Matthew Sexton  \nSamantha Shampine Riley Sullivan Tanner Thering Jeffrey Thompson Pinghui Wu Bo Zhao  \nThe views expressed in this report are those of the authors and do not necessarily represent positions of the Federal Reserve Bank of Boston or the Federal Reserve System.  \nTable of Contents  \nExecutive Summary ............................................................................................... 3  \nI. Introduction ......................................................................................................... 4  \nII. The Finances of US College Working Students............................................... 5  \nIII. The Decline in Credit Card Loan Use after 2008 .......................................... 7  \nIV. Research Findings ......................................................................................... 10  \nV. Policy Implications ......................................................................................... 15  \nVI. Conclusion ...................................................................................................... 20  \nReferences ........................................................................................................... 20  \nAppendix ............................................................................................................. 22  \n~~  ~~NEW~~ ~~ENGLAND~~ ~~PUBLIC~~ ~~POLICY~~ ~~CENTER~~ ~~RESEARCH~~ ~~REPORT~~ ~~23-2~~  ~~  \nEXECUTIVE SUMMARY  \nEvery year, 2 million first-time, full-time undergraduate students enter a degree-granting postsecondary institution in the United States, but more than one-third leave college before obtaining a college degree. While some students drop out of college for personal reasons or to pursue a different career goal, during this report’s sample period, nearly 40 percent of young adults left college because they could no longer afford to stay. The objective of this study is to gain better insight into the relationship among employment, credit constraint, and the college persistence of US 18- to 24-year-old working college students, who represent more than 50 percent of the undergraduate population. To do so, we investigate two interrelated research questions: (1) Does involuntary job loss affect the college-dropout decision of working students, and (2) does access to credit through credit card loans buffer against the liquidity effect of job loss?  \nThis report’s analysis shows that job loss has an adverse effect on college persistence for 18-to 24-year-old US working students, that is, whether those students remain in college. Although the effect was minimal during the 2000–08 period, it became significantly magnified after 2008. It is estimated that from the 2009–10 through 2019–20 academic years, involuntary job loss led toa 17 percentage point increase in a working student’s probability of dropping out of college in the next academic year. We find supporting evidence that the stronger effect in the later period reflects college students’ more restricted access to credit card loans after the passage of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which imposed tight restrictions on credit extension to individuals who are younger than 21 or older but enrolled in college. For many working students who have difficulty acquiring alternative forms of credit, credit card loans serve asa crucial means of smoothing consumption when income fluctuates. Tightening of the credit card market has a direct impact on these students.  \nThis report’s findings suggest that employment stability plays a pi","cbCaid8uUNo7hQmD","https://ap.wps.com/l/cbCaid8uUNo7hQmD","pdf",1363754,3,24,"English","en",105,"# Executive Summary\n## Introduction\n# The Finances of US College Working Students\n# The Decline in Credit Card Loan Use after 2008\n# Research Findings\n# Policy Implications\n# Conclusion\n# References\n# Appendix","[{\"question\":\"How does involuntary job loss affect college persistence for working students?\",\"answer\":\"The report finds job loss has an adverse effect on college persistence, increasing the likelihood of dropping out. The effect becomes significantly larger after 2008 compared with the earlier 2000–08 period.\"},{\"question\":\"What role does credit access through credit card loans play?\",\"answer\":\"The study finds that access to credit through credit card loans can buffer the liquidity effect of job loss in the short run. However, later-period strengthening of job loss effects is consistent with reduced access after the CARD Act of 2009.\"},{\"question\":\"What policy implications does the report suggest?\",\"answer\":\"It argues employment stability is pivotal and that improving contingency support can help prevent dropout from temporary disruptions. The report also suggests extending timely unemployment assistance—via unemployment insurance or student financial aid—to protect students against job-loss risks.\"}]","Credit Access and the College-persistence Decision of Working Students - Research Report 23-2 | PDF",1792049097,{"code":4,"msg":82,"data":83},"ok",{"site_id":76,"language":75,"slug":84,"title":65,"keywords":85,"description":66,"schema_data":86,"social_meta":139,"head_meta":141,"extra_data":143,"updated_unix":144},"credit-access-and-the-college-persistence-decision-of-working-students-research-report-23-2","",{"@graph":87,"@context":138},[88,101,121],{"@type":89,"itemListElement":90},"BreadcrumbList",[91,95,97,99],{"item":92,"name":93,"@type":94,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":96,"name":9,"@type":94,"position":14},"https://docshare.wps.com/document/",{"item":98,"name":40,"@type":94,"position":72},"https://docshare.wps.com/document/research-report/",{"item":100,"name":65,"@type":94,"position":19},"https://docshare.wps.com/document/credit-access-and-the-college-persistence-decision-of-working-students-research-report-23-2/583935/",{"url":100,"name":65,"@type":102,"image":103,"author":108,"headline":65,"publisher":110,"fileFormat":113,"inLanguage":75,"description":66,"dateModified":114,"datePublished":115,"encodingFormat":113,"isAccessibleForFree":116,"interactionStatistic":117},"DigitalDocument",{"url":104,"@type":105,"width":106,"height":107},"https://docshare.wps.com/thumbnails/credit-access-and-the-college-persistence-decision-of-working-students-research-report-23-2/583935.png","ImageObject",300,407,{"name":63,"@type":109},"Person",{"url":92,"name":111,"@type":112},"DocShare","Organization","application/pdf","2026-10-28","2026-10-15",true,{"@type":118,"interactionType":119,"userInteractionCount":72},"InteractionCounter",{"@type":120},"ViewAction",{"@type":122,"mainEntity":123},"FAQPage",[124,130,134],{"name":125,"@type":126,"acceptedAnswer":127},"How does involuntary job loss affect college persistence for working students?","Question",{"text":128,"@type":129},"The report finds job loss has an adverse effect on college persistence, increasing the likelihood of dropping out. The effect becomes significantly larger after 2008 compared with the earlier 2000–08 period.","Answer",{"name":131,"@type":126,"acceptedAnswer":132},"What role does credit access through credit card loans play?",{"text":133,"@type":129},"The study finds that access to credit through credit card loans can buffer the liquidity effect of job loss in the short run. However, later-period strengthening of job loss effects is consistent with reduced access after the CARD Act of 2009.",{"name":135,"@type":126,"acceptedAnswer":136},"What policy implications does the report suggest?",{"text":137,"@type":129},"It argues employment stability is pivotal and that improving contingency support can help prevent dropout from temporary disruptions. The report also suggests extending timely unemployment assistance—via unemployment insurance or student financial aid—to protect students against job-loss risks.","https://schema.org",{"og:url":100,"og:type":140,"og:title":65,"og:site_name":111,"og:description":66},"article",{"robots":142,"canonical":100},"index,follow",{"doc_id":61,"site_id":76},1792789737]