Illustration: Aïda Amer/Axios

A new paper looking at student loans suggests that debt does come with more than just interest costs.

What they did: Three researchers, all of them business school professors, managed to persuade Equifax to give them detailed financial data on thousands of borrowers who had student loans from National Collegiate. When the company couldn't prove that it had chain of title, the borrowers' debts were discharged.

By the numbers: Does a significant student debt burden force you to earn more money, just so that you can repay your loans? Or does it just keep you stuck in a suboptimal job, when you might be able to earn more elsewhere?

  • The answer seems to be the latter.

The researchers report: "After the discharge, the borrowers' geographical mobility increases ... ultimately their income increases by more than $4,000 over a three year period, which is equivalent to about two months' average salary."

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 31,759,233 — Total deaths: 973,904 Total recoveries: 21,811,742Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 6,939,645 — Total deaths: 201,861 — Total recoveries: 2,646,959 — Total tests: 96,616,779Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.

Trump refuses to commit to peaceful transfer of power if he loses

President Trump repeatedly refused to say on Wednesday whether he would commit to a peaceful transition of power if he loses the election to Joe Biden, saying at a press briefing: "We're going to have to see what happens."

The big picture: Trump has baselessly claimed on a number of occasions that the only way he will lose the election is if it's "rigged," claiming — without evidence — that mail-in ballots will result in widespread fraud. Earlier on Wednesday, the president said he wants to quickly confirm a replacement for Justice Ruth Bader Ginsburg because he believes the Supreme Court may have to decide the result of the election.

"Not enough": Protesters react to no murder charges in Breonna Taylor case

A grand jury has indicted Brett Hankison, one of the Louisville police officers who entered Breonna Taylor's home in March, on three counts of wanton endangerment for firing shots blindly into neighboring apartments.

The state of play: Angering protesters, the grand jury did not indict any of the three officers involved in the botched drug raid on homicide or manslaughter charges related to the death of Taylor.

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