ATTITUDES TOWARD RISK AND SOCIOECONOMIC FACTORS RELATED TO EDUCATIONAL LOANS

Aurora Ortiz-Nuñez
Authors registered in the RePEc Author Service: Aurora Ortiz Nunez

Contemporary Economic Policy, 2014, vol. 32, issue 4, 710-718

Abstract: type="main" xml:lang="en">

We explore the relationship between willingness to take financial risk and the probability of taking out a loan for educational purposes as well as the influence of risk attitudes on the size of the loan using data drawn from the U.S. Survey of Consumer Finances. The findings suggest a positive relationship between individuals' willingness to take financial risk and the probability of taking out a loan for educational purposes. Similarly, individuals' willingness to take financial risk appears to have an important relationship with the size of the educational loan. The findings suggest that non-white individuals and females are less likely to finance education through loans which could potentially increase inequalities in education and income if such individuals are deterred from investing in human capital. (JEL I22, I23)

Date: 2014
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