Paying for college is often a family affair, with both parents and students contributing. We study the effects of … records. We provide the first comprehensive analysis of how both students and their parents use debt with college attendance … does not change, higher-income parents shift balances from other debt to educational loans. We find that lower-income …

, and credit records, to identify the effects of increased student borrowing on credit-constrained students' educational …

the Graduate PLUS loan program. Access to additional federal loans increased graduate students' borrowing and shifted the … in constrained students' persistence or degree receipt. We document that among programs in which a larger share of … graduate students had exhausted their annual federal loan eligibility before the policy change--and thus were more exposed to …