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College loans and scholarships and economic status of parents: An analysis based on the JHPS Second Generation Supplement

Author

Listed:
  • Hideo Akabayashi

    (Faculty of Economics, Keio University)

  • Jie Wang

    (Faculty of Economics, Keio University)

  • Masayuki Kobayashi

    (Oberlin University)

  • Shinpei Sano

    (Faculty of Economics, Keio University)

  • Teruyuki Tamura

    (Department of Management, Kyoto College of Economics)

  • Michio Naoi

    (Faculty of Economics, Keio University)

Abstract
This paper descriptively analyzes the relationship between college loans and scholarships and the economic status of parents at the time of college attendance using the JHPS Second Generation Supplement (JHPS-G2). We focus on the parental household income, assets, and home ownership as their financial status. Even controlling for observable attributes, household income, asset holdings (net worth), and homeownership are correlated with college enrollment. Among college attendees, those from families with lower parental income, lower financial assets, and higher debt or without home ownership tend to have a higher probability of receiving college scholarships and loans. Although the analysis of this paper remains rather descriptive, the results suggest the need to consider not only parental household income but also their asset status as a determinant of college attendance and scholarship/loan decisions.

Suggested Citation

  • Hideo Akabayashi & Jie Wang & Masayuki Kobayashi & Shinpei Sano & Teruyuki Tamura & Michio Naoi, 2021. "College loans and scholarships and economic status of parents: An analysis based on the JHPS Second Generation Supplement," Keio-IES Discussion Paper Series 2021-006, Institute for Economics Studies, Keio University.
    • Handle: RePEc:keo:dpaper:2021-006
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    File URL: https://ies.keio.ac.jp/upload/DP2021-006_ENr.pdf
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    More about this item

    Keywords

    higher education; scholarship and loan; income inequality; asset inequality;
    All these keywords.

    JEL classification:

    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality

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