Table 2: Selection on Observables: OLS
Variable (1) (2) (3) (4) (5)
Log Student Loan Debt -0.0139** -0.0282*** -0.0200*** -0.0209*** -0.0212***
(0.00661) (0.00723) (0.00654) (0.00724) (0.00718)
Log Cumulative Days In School 0.0606*** 0.0106 -0.000647 0.00665 0.00720
(0.0102) (0.0123) (0.0117) (0.0118) (0.0116)
Age At Final School Exit 0.0439*** 0.0406*** 0.0395*** 0.0394*** 0.0395***
(0.00327) (0.00329) (0.00331) (0.00371) (0.00376)
Associate’s/Certificate 0.161*** 0.131*** 0.132** 0.132***
(0.0452) (0.0437) (0.0491) (0.0491)
Bachelor’s 0.150*** 0.112** 0.0997* 0.0996*
(0.0496) (0.0470) (0.0520) (0.0521)
Master’s or More 0.204*** 0.136** 0.130* 0.130*
(0.0647) (0.0651) (0.0759) (0.0762)
At Least Associate’s/Certificate 0.224 0.191 0.173 0.172
(0.139) (0.138) (0.138) (0.136)
At Least Bachelor’s 0.215*** 0.157*** 0.138** 0.138**
(0.0532) (0.0501) (0.0550) (0.0546)
Degree of Unknown Type 0.156** 0.110* 0.0884 0.0877
(0.0610) (0.0566) (0.0613) (0.0610)
Ever Pell 0.0383* 0.0317 0.0300 0.0299
(0.0200) (0.0190) (0.0213) (0.0212)
Average Pell -0.0443*** -0.0270*** -0.0257*** -0.0258***
(0.00689) (0.00675) (0.00738) (0.00735)
Ever Public 4-Year 0.0427*** 0.0336** 0.0258 0.0259
(0.0157) (0.0158) (0.0174) (0.0175)
Ever Public 2-Year 0.0227 0.0228 0.0211 0.0212
(0.0138) (0.0137) (0.0132) (0.0132)
Ever Private 4-Year Not-for-profit 0.0498*** 0.0423** 0.0355* 0.0354*
(0.0167) (0.0159) (0.0179) (0.0179)
Ever Private 2-Year Not-for-profit 0.0125 -0.00837 -0.00398 -0.00446
(0.0431) (0.0416) (0.0434) (0.0432)
Ever Private For-profit -0.00222 0.0164 0.0296* 0.0303*
(0.0176) (0.0164) (0.0168) (0.0170)
Lagged Credit Score 0.000499*** 0.000524*** 0.000523***
(4.70e-05) (5.08e-05) (5.04e-05)
Credit Lag 5.22e-06 1.74e-05 2.13e-05
(5.97e-05) (6.84e-05) (7.01e-05)
Missing Credit Score 0.323*** 0.342*** 0.341***
(0.0335) (0.0383) (0.0380)
Lagged Auto Debt 0.00934*** 0.00913*** 0.00913***
(0.00101) (0.00108) (0.00107)
Lagged Credit Card Debt 0.00404** 0.00448** 0.00448**
(0.00194) (0.00222) (0.00222)
Unemployment Rate (Home State) 0.00212
(0.0136)
Log Avg. Weekly Wages (Home State) -0.132
(0.200)
Log Median House Price (Home State) -0.0161
(0.0591)
Constant -1.289*** -0.929*** -1.162*** -1.232*** -0.182
(0.0930) (0.105) (0.121) (0.123) (1.397)
College Major Controls NO YES YES YES YES
Home State/Year FE YES YES YES YES YES
Observations 5,610 5,610 5,610 4,794 4,794
R-squared 0.110 0.146 0.187 0.181 0.182
Note: Standard errors in parentheses (clustered at home-state level).
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