The Effect of Households’ Student Debt on Life Satisfaction

Thomas Korankye () and Charlene Kalenkoski
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Thomas Korankye: The University of Arizona

Journal of Family and Economic Issues, 2021, vol. 42, issue 4, No 11, 757-772

Abstract: Abstract This study finds a negative effect of holding student-loan debt on the life satisfaction of household heads using longitudinal data from the 2011 to 2017 U.S. Panel Study of Income Dynamics and a fixed-effects modeling approach. Although debt is taken to improve future utility, it provides disutility to the head of household until it is paid off. Thus, financial planners and educators should remind their clients about the consequences of holding student-loan debt in the short term, not just the future benefits.

Keywords: Student debt; Student loans; Life satisfaction; Well-being; Mundlak correction (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10834-021-09753-9

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