College Student Loan Debt and Earnings: 2021

September 15, 2021

Andrew Gillen, Ph.D.

Andrew Gillen, Ph.D., is a senior policy analyst in the Next Generation Texas campaign and an adjunct professor of economics at Johns Hopkins University. Dr. Gillen’s recent work has focused on how to reform federal financial aid, how state disinvestment is a myth, and how post-college earnings and debt should be used to inform student choice and government accountability.

Prior to joining the Foundation, Dr. Gillen spent over a decade at nonprofit and philanthropic organizations researching and trying to improve higher education. He was a program officer for the Charles Koch Foundation and served in research roles for American Institutes for Research, Education Sector; the American Council of Trustees and Alumni; and the Center for College Affordability and Productivity. He was also on the U.S. Department of Education’s Advisory Committee on Student Financial Assistance.

Andrew has a Ph.D. in economics from Florida State University and a B.B.A. (business) degree from Ohio University.

We introduce two new methods of holding colleges accountable for their role in excessive student loan debt.

New data from the U.S. Department of Education provide median earnings and median student loan debt for recent graduates.
These data can help students, parents, colleges, and policymakers distinguish between college programs where student loan debt can be worthwhile and programs where student loan debt is excessive.
Federal and state policymakers can also use these data to hold colleges accountable when they leave their students with excessive student loan debt.
Two promising accountability metrics are Debt as a Percent of Earnings and Gainful Employment Equivalent.
Around 5% of college programs would lose eligibility to participate in the student loan programs under our recommended accountability systems.

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Andrew Gillen, Ph.D.

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