This paper estimates the impact of requiring high school students to complete personal finance education on federal student loan repayment behavior after college. I merge student loan borrowing and repayment data from the College Scorecard with data from the Integrated Postsecondary Education Data System on counts of high school graduates enrolling in college from different states. I estimate the causal effect of personal finance education mandates by relating the change in the share of university students subject to a state mandate to changes in university cohort student loan outcomes. I find only students with higher-income parents respond by adjusting borrowing, reducing median balances by 7%. By contrast, first-generation and low-income borrowers bound by mandates did not significantly adjust borrowing, but were nonetheless more likely to pay down balances. Repayment improvements are in part due to better understanding of the terms governing federal student loans. State mandates that incorporate career research alongside personal finance education are associated with better student loan repayment than those focused only on personal finance education.

本文估计了要求高中生完成个人理财教育对大学毕业后联邦学生贷款还款行为的影响。我合并了大学的学生贷款借款和还款数据记分卡包含来自综合中学后教育数据系统的数据，关于来自不同州的高中毕业生入学人数。我通过将受国家授权的大学生比例的变化与大学队列学生贷款结果的变化联系起来来估计个人理财教育授权的因果效应。我发现只有父母收入较高的学生才会通过调整借款做出回应，将余额中位数降低 7%。相比之下，受授权约束的第一代和低收入借款人没有显着调整借款，但更有可能偿还余额。还款改善部分是由于更好地理解了管理联邦学生贷款的条款。