We study the labor market returns to a state-guaranteed loan used to finance university degrees in Chile. Using a regression discontinuity design, we show that marginally eligible students forgo vocational education in favor of university education but reduce their probability of graduation. Even though university loan takers accumulate more student debt, their labor market outcomes are not different from those of ineligible students. We find suggestive evidence that the lower quality of the receiving institutions accounts for these results. Finally, we extrapolate the effects away from the eligibility cutoff and show that supramarginal students benefit from this policy.

中文翻译：

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劳动力市场退还给大学的学生贷款：来自智利的证据。

我们研究了为智利的大学学位提供资助的国家担保贷款的劳动力市场回报。使用回归不连续性设计，我们显示边缘合格的学生放弃职业教育而转而接受大学教育，但减少了他们毕业的可能性。尽管大学借贷者积累了更多的学生债务，但他们的劳动力市场结果与不合格学生的结果没有什么不同。我们发现暗示性的证据表明，接收机构质量较低是造成这些结果的原因。最后，我们从资格截止的角度推断出影响，并表明超裔学生将从这项政策中受益。