However, although these sub-optimal choices are less prevalent among our sample, once again, they are disproportionately made by those who hold student loans and work the most. Indeed, one can easily conceive of a negative cycle wherein the need to work more hours in order to pay for tuition and textbooks necessitates taking fewer courses, an outcome that delays graduation and requires taking on more student loan debt. Alternatively, cash-strapped students might elect to do without one or more required textbooks. However, in this scenario it would not be surprising for them to perform more poorly (as was reported by nearly a third of respondents in the present study), an outcome that might necessitate repeating a course, once again resulting in a delayed graduation and the accumulation of more student loan debt.

Outstanding student loan balances increased by $31 billion, and stood at $1.31 trillion as of December 31, 2016. 11.2% of aggregate student loan debt was 90+ days delinquent or in default in 2016Q42.