The increase in aggregate student debt and the struggles of today’s borrowers can be traced to changes in federal policies intended to broaden access to educational opportunities, which increased enrollment and borrowing in higher-risk circumstances.

Removing a previously obtained criminal record does not improve labor market outcomes, on average, with the notable exception of participation in gig work through online platforms.

The typical marginally admitted university student completes an additional year of four-year education, is 12 percentage points more likely to earn a bachelor’s degree, and eventually earns 5-10 percent more than their marginally rejected but otherwise identical counterpart. Cost-benefit calculations show positive internal rates of return for students, society, and the government (which supplies financial aid).