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Parental Resources and College Attendance: Evidence from Lottery Wins

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Listed:
  • Bulman, George

    (University of California, Santa Cruz)

  • Fairlie, Robert W.

    (University of California, Santa Cruz)

  • Goodman, Sarena

    (Federal Reserve Board of Governors)

  • Isen, Adam

    (U.S. Department of the Treasury)

Abstract

We examine U.S. children whose parents won the lottery to trace out the effect of financial resources on college attendance. The analysis leverages federal tax and financial aid records and substantial variation in win size and timing. While per-dollar effects are modest, the relationship is weakly concave, with a high upper bound for amounts greatly exceeding college costs. Effects are smaller among low-SES households, not sensitive to how early in adolescence the shock occurs, and not moderated by financial aid crowd-out. The results imply that households derive consumption value from college and household financial constraints alone do not inhibit attendance.

Suggested Citation

  • Bulman, George & Fairlie, Robert W. & Goodman, Sarena & Isen, Adam, 2020. "Parental Resources and College Attendance: Evidence from Lottery Wins," IZA Discussion Papers 13919, Institute of Labor Economics (IZA).
  • Handle: RePEc:iza:izadps:dp13919
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    Cited by:

    1. Bryan Stuart, 2017. "The Long-Run Effects of Recessions on Education and Income," Working Papers 2017-25, The George Washington University, Institute for International Economic Policy.
    2. Day Manoli & Nicholas Turner, 2018. "Cash-on-Hand and College Enrollment: Evidence from Population Tax Data and the Earned Income Tax Credit," American Economic Journal: Economic Policy, American Economic Association, vol. 10(2), pages 242-271, May.
    3. Elizabeth M. Caucutt & Lance Lochner, 2020. "Early and Late Human Capital Investments, Borrowing Constraints, and the Family," Journal of Political Economy, University of Chicago Press, vol. 128(3), pages 1065-1147.
    4. French, Robert & Oreopoulos, Philip, 2017. "Behavioral barriers transitioning to college," Labour Economics, Elsevier, vol. 47(C), pages 48-63.
    5. Sarena F. Goodman & Adam Isen & Constantine Yannelis, 2018. "A Day Late and a Dollar Short : Liquidity and Household Formation among Student Borrowers," Finance and Economics Discussion Series 2018-025, Board of Governors of the Federal Reserve System (U.S.).
    6. Annika B. Bergbauer, 2019. "How Did EU Membership of Eastern Europe Affect Student Achievement?," ifo Working Paper Series 299, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    7. Daniel Ringo, 2019. "Parental Credit Constraints and Child College Attendance," Education Finance and Policy, MIT Press, vol. 14(4), pages 548-571, Fall.
    8. Gustavo Yamada & Oswaldo Molina & Daniel Velásquez, 2018. "Mining and Human Capital Accumulation: the Role of the Return to Education," Working Papers 135, Peruvian Economic Association.

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    More about this item

    Keywords

    college; attendance; parental resources; financial constraints; lottery winnings; administrative data;
    All these keywords.

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality

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