Estimating the Value of Higher Education Financial Aid: Evidence from a Field Experiment
成果类型：
Article
署名作者：
Belzil, Christian; Maurel, Arnaud; Sidibe, Modibo
署名单位：
Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Universite de Montreal; IZA Institute Labor Economics; Duke University; National Bureau of Economic Research; IZA Institute Labor Economics
刊物名称：
JOURNAL OF LABOR ECONOMICS
ISSN/ISSBN：
0734-306X
DOI：
10.1086/710701
发表日期：
2021
页码：
361-395
关键词：
摘要：
Using data from a Canadian field experiment on financial barriers to higher education, we estimate the distribution of the value of financial aid for prospective students. We find that a considerable share of prospective students perceive significant credit constraints. Most individuals are willing to pay a sizable interest premium above the prevailing market rate for the option to take up a loan, with a median interest rate wedge equal to 6.8 percentage points for a $1,000 loan. The willingness to pay for financial aid is heterogeneous across students, with discount factors playing a key role in accounting for this variation.
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