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Better late than never: Macroeconomic impact of intermittent college enrollment and tuition subsidies

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  • Yang, Guanyi

Abstract

People often delay starting college or temporarily leave college to work. To examine the welfare implications of intermittent college attendance, I incorporate flexible age-by-age college enrollment choice in a life-cycle model in general equilibrium. College serves as an investment device for the young and reduces risk for the old. Removing flexible access reduces the total welfare value of college by one quarter. Moreover, higher wealth and better human capital preparedness at age 18 incentivize early-age degree completion. However, accessing college at a later age matters more for those who are initially less advantaged. Thus, policies that alleviate financial costs generate considerable long-term welfare improvements.

Suggested Citation

  • Yang, Guanyi, 2025. "Better late than never: Macroeconomic impact of intermittent college enrollment and tuition subsidies," Journal of Economic Dynamics and Control, Elsevier, vol. 181(C).
    • Handle: RePEc:eee:dyncon:v:181:y:2025:i:c:s016518892500185x
    DOI: 10.1016/j.jedc.2025.105219
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    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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