Counseling can have a dramatic effect on the choices students make — and not always in a beneficial way
As the student-loan debt bubble grows, lawmakers and consumer advocates are pushing for better counseling to help students make better-informed borrowing decisions.
The researchers performed a field experiment with students attending a large, anonymous community college. All students at the school were offered the maximum amount of eligible federal-loan aid. For some students who didn’t ever choose a financial-aid package because of the overwhelming choices, their inaction could end up being beneficial, because it could help them avoid debt. On the other hand, for some students who didn’t ever choose a financial-aid package because of the overwhelming choices that were available, their inaction could end up being beneficial, because it could help them avoid debt.
• A third group of students was sent an email simply stating that a student could borrow an amount other than what they were offered. This information was shown to have no effect on how likely they were to borrow. “Simply providing information may not be sufficient to improve student outcomes,” the researchers wrote.
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