A Quasi-Experimental Estimate of the Impact of Financial Aid on College-Going
Although state and federal governments heavily subsidize the price of college, estimates of the impact of these subsidies on college enrollment have not been well-identified. I use a regression discontinuity design to study the impact of the CalGrant program in California on college going. Eligibility requires students to meet minimum thresholds on three characteristics: income, assets and high school Grade Point Average. Because there are several dimensions of eligibility, the analysis allows for specification tests, estimating any discontinuities along a given dimension of eligibility, dependent upon whether one satisfied the other two dimensions of eligibility. The paper uses a novel data collection strategy to measure subsequent college enrollment for 150,000 financial aid applicants in 1998 and 1999. The results suggest large impacts (3 to 4 percentage points) of grant eligibility on college enrollment among financial aid applicants, with larger impacts on the choice of private four-year colleges in California.
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- Dick, Andrew W. & Edlin, Aaron S., 1997.
"The implicit taxes from college financial aid,"
Journal of Public Economics,
Elsevier, vol. 65(3), pages 295-322, September.
- Susan Dynarski, 2000. "Hope for Whom? Financial Aid for the Middle Class and Its Impact on College Attendance," NBER Working Papers 7756, National Bureau of Economic Research, Inc.
- Susan M. Dynarski, 2003.
"Does Aid Matter? Measuring the Effect of Student Aid on College Attendance and Completion,"
American Economic Review,
American Economic Association, vol. 93(1), pages 279-288, March.
- Dynarski, Susan, 2001. "Does Aid Matter? Measuring the Effect of Student Aid on College Attendance and Completion," Working Paper Series rwp01-034, Harvard University, John F. Kennedy School of Government.
- Susan M. Dynarski, 1999. "Does Aid Matter? Measuring the Effect of Student Aid on College Attendance and Completion," NBER Working Papers 7422, National Bureau of Economic Research, Inc.
- Hahn, Jinyong & Todd, Petra & Van der Klaauw, Wilbert, 2001. "Identification and Estimation of Treatment Effects with a Regression-Discontinuity Design," Econometrica, Econometric Society, vol. 69(1), pages 201-09, January.
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