高薪专业学生贷款更多还是更少? ——来自美国国家高等教育学生资助数据的证据-清华大学教育研究

文章信息/Info

Title:: Do High-Paying Majors Borrow More or Less? An Analysis of NPSAS:18 Administrative Collection

Author(s):: HU Yi-tong ZHANG Liang; Steinhardt School of Culture, Education, and Human Development, New York University

摘要:: 基于美国国家高等教育学生资助数据库的行政调查数据,本研究分析了大学专业选择与学生负债行为的关系,重点考察STEM(科学、技术、工程、数学)与商科等高经济回报专业相较于其他学科的借贷差异。STEM与商科专业学生不仅表现出最低的借贷倾向,其负债水平亦显著低于对照组。通过分位数回归与异质性检验发现,该模式在不同家庭收入分位组别及经济需求极小或无经济需求的学生的子样本中均保持稳健。这种专业预期收入与借贷规模的反向关联机制,揭示了人力资本投资决策中的非理性困境,即经济回报较低专业的学生面临更严峻的流动性约束,其教育选择实质上构成潜在财务风险。本研究为优化差异化学科资助政策提供了经验证据,对建立学生资助政策相关数据发布制度、完善基于专业前景的助学贷款风险定价机制、提供精准的高考志愿填报信息辅助服务、开展学生财经素养教育具有政策启示。

Abstract:: Using data from the NPSAS:18 Administrative Collection, we examine the relationship between college majors and student loans, specifically focusing on whether students majoring in STEM and business borrow more or less than their peers in other fields. Students majoring in STEM and business were found to be the least likely to take out loans, and among those who did, the amounts borrowed were lower on average. These results were consistent across family income deciles and among students with minimal or no financial need. This inverse relationship between borrowing and future earnings underscores the economic challenges faced by students pursuing majors with lower economic returns, highlighting a significant aspect of the economic implications of college education choices. This research provides empirical evidence for optimizing differentiated discipline funding policies, offering policy implications for establishing a data release system for student funding policies, improving risk pricing mechanisms for student loans based on professional prospects, providing precise information assistance services for college entrance examination applications, and conducting financial literacy education for students.