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U.S. young adults in the 2000s and 2010s entered a national labor market that was highly stratified by education. While the socioeconomic consequences of a four-year bachelor's degree are well documented during this period, less is known about the consequences of seeking a sub-baccalaureate credential. I analyze the employment, earnings, and student debt outcomes associated with several sub-baccalaureate experiences differentiated by enrollment, credential level, and for-profit attendance using data from the National Longitudinal Survey of Youth-1997 Cohort. Using fixed-effects regression models, I find that certificates and associate degrees are associated with employment advantages relative to a high school diploma. However, young adults with some two-year college and no credential or a certificate have no higher earnings than those with a high school diploma. Sub-baccalaureate credentials can also be costly, as those who attend a for-profit college have more student debt than those who do not. Results shed light on labor market inequality among a large but understudied segment of higher education and underscore the importance of considering debt alongside labor market outcomes in analyses of the socioeconomic consequences of higher education. [ABSTRACT FROM AUTHOR]

Housing wealth is the main source of wealth for many older adults. Using the Health and Retirement Study, we assess the impact of new mortgage borrowing on food insecurity among homeowners aged 65 and older. We find a substantial short‐term effect, with each additional $10,000 borrowed, lowering food insecurity by 2.2 percentage points. In a simulation of the impact of relaxing the debt‐to‐income borrowing constraint, food insecurity is reduced by 2.1 percentage points for previous nonborrowers and by 1.6 percentage points for borrowers. Results support the importance of access to mortgage borrowing to reduce material hardship in older age. Related Content: The effects of aging services and the supplemental nutrition assistance program on food insecurity among older Georgians: 2018–2020 Related Content: The long‐run prevalence of food insufficiency among older Americans Related Content: Do state Supplemental Nutrition Assistance Program policies influence program participation among seniors? Related Content: Does Social Security promote food security? Evidence for older households [ABSTRACT FROM AUTHOR]

American youth from rural backgrounds have made great strides to overcome challenges in college enrollment and completion since the 2000s. Yet little is known about how rural youth are financing these attainment increases—a pressing question in light of high college costs, rising student debt, and spatial inequality in the resources that students have to pay for college. This paper examines disparities in young adults' student debt by geographic background using data from the National Longitudinal Survey of Youth 1997 Cohort. Regression analyses reveal that college‐goers from rural backgrounds accumulate more debt than those from suburban and urban backgrounds, adjusting for differences in sociodemographic characteristics. Rural college‐goers' higher debt can be partially attributed to differences in socioeconomic backgrounds and rates of inter‐county migration during college, and there is evidence that the additive influences of geographic background and gender contribute to particularly high debt among rural women. The findings suggest that longstanding spatial inequalities contribute to disparities in student debt and raise questions about the experiences of rural youth and communities in a debt‐based society. [ABSTRACT FROM AUTHOR]

US consumers may turn to the private market for credit when income and government benefits fall short. The most vulnerable consumers have access only to the highest-cost loans. Prior research on trade-offs of credit with government welfare support cannot distinguish between distinct forms of unsecured credit due to data limitations. Here we provide insight on credit-welfare state trade-offs vis-à-vis unemployment insurance generosity by leveraging a large sample of credit data that allow us to separate credit cards, personal loans and alternative financial services loans and to analyse heterogeneity in credit use by household income. We find that more generous state unemployment insurance benefits were associated with a lower probability of high-cost credit use during the first seven quarters of the coronavirus disease 2019 (COVID-19) pandemic. This inverse association was concentrated among consumers living in low-income households. Our results support theories that public benefits are inversely associated with the use of costly credit., (© 2024. The Author(s), under exclusive licence to Springer Nature Limited.)