Student Loan Repayment Plan Choice Pilot Survey
Last registered on February 10, 2020

Pre-Trial

Trial Information
General Information
Title
Student Loan Repayment Plan Choice Pilot Survey
RCT ID
AEARCTR-0005302
Initial registration date
January 20, 2020
Last updated
February 10, 2020 3:00 PM EST
Location(s)
Primary Investigator
Affiliation
Michigan State University
Other Primary Investigator(s)
PI Affiliation
Dissertation Advisor
Additional Trial Information
Status
On going
Start date
2020-01-13
End date
2020-02-21
Secondary IDs
Abstract
The purpose of the study is to explore the effect that the design of income based repayment plans have on student loan repayment plan choice. To do this I field a survey to undergraduate students. In the survey students are then asked to choose between a 10 year repayment plan and an income based repayment plan. The specific design of the income based repayment plan is randomized for each respondent. After the respondents choose a plan they are then asked for information that might affect their choice including information on their: expectations, financial aid, demographics, risk aversion, and educational information.
External Link(s)
Registration Citation
Citation
Brownstein, Joshua and Scott Imberman. 2020. "Student Loan Repayment Plan Choice Pilot Survey." AEA RCT Registry. February 10. https://doi.org/10.1257/rct.5302-1.1.
Experimental Details
Interventions
Intervention(s)
Intervention Start Date
2020-01-13
Intervention End Date
2020-02-09
Primary Outcomes
Primary Outcomes (end points)
The proportion of respondents who choose the income based repayment plan over the 10 year repayment plan.
Primary Outcomes (explanation)
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
Respondents are ask to choose between an 10 year repayment plan and an income based repayment plan. The income based plan sets payments as a percentage of yearly income above an amount of exempt income. It also specifies that loans will be forgiven after a certain number of years. The following aspects of the questions are randomized for each respondent: the order in which the repayment plans are shown, the amount of income that is exempt from payment calculations in the income based plan, the percentage of non-exempt income that determines payment in the income based plan, and the number of years until loan forgiveness in the income based plan. Each aspect has 2 different variations for a total of 16 different treatments.
Experimental Design Details
The amount of exempt income for the income based place is randomized between $20,000 and $30,000. The percentage of non-exempt income that determines payment for the income based place is randomized between 5% and 10%. The number of years until loan forgiveness in the income based repayment plan is randomized between 15 years and 20 years
Randomization Method
Randomization is done using Qualtrics' built-in randomizer which is found under survey flow. The box to evenly present elements is checked.
Randomization Unit
Randomization is done at the level of the individual survey respondent.
Was the treatment clustered?
No
Experiment Characteristics
Sample size: planned number of clusters
There are no clusters in this survey.
Sample size: planned number of observations
The plan is have 200 survey respondents. The survey will close after 200 responses have been recorded. The survey closed with 170 survey responses.
Sample size (or number of clusters) by treatment arms
With 200 respondents and 16 treatments (including randomizing the order of the repayment) each treatment will have either 12 or 13 respondents. Because the survey is primarily focused on how the parameters of the income based repayment plan effects plan choice, each of the 8 combinations of parameters for the income based plans should be seen by 25 respondents.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB
INSTITUTIONAL REVIEW BOARDS (IRBs)
IRB Name
Human Research Protection Program Office of Regulatory Affairs Michigan State University
IRB Approval Date
2019-12-19
IRB Approval Number
STUDY00003694
Analysis Plan

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Post-Trial
Post Trial Information
Study Withdrawal
Intervention
Is the intervention completed?
No
Is data collection complete?
Data Publication
Data Publication
Is public data available?
No
Program Files
Program Files
Reports and Papers
Preliminary Reports
Relevant Papers