This paper studies the nature and impact of credit constraints in the market for human capital. We derive endogenous constraints from the design of government student loan programs and from the limite
We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints are increasingly important for schooling and other aspects of hous
We quantify the role of heterogeneity in households financial constraints in explaining the link between the decline in aggregate consumption and the decline in house values between 2006 and 2009 usin
