The Long-Run Impacts of Financial Aid: Evidence from California's Cal Grant

• 成果类型: Article
• 署名作者: Bettinger, Eric; Gurantz, Oded; Kawano, Laura; Sacerdote, Bruce; Stevens, Michael
• 署名单位: Stanford University; University of Missouri System; University of Missouri Columbia; University of Michigan System; University of Michigan; Dartmouth College; United States Department of the Treasury
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20170466
• 发表日期: 2019
• 页码: 64-94
• 关键词: post-college retention; scholarship program; student aid; enrollment; school; hope; attainment; assistance; matter

摘要

We examine the long-term impacts of California's state-based financial aid by tracking educational and labor force outcomes for up to 14 years after high school graduation. We identify program impacts by exploiting variation in eligibility rules using GPA and family income cutoffs that are ex ante unknown to applicants. Aid eligibility increases undergraduate and graduate degree completion, and for some subgroups, raises longer-run annual earnings and the likelihood that young adults reside in California. These findings suggest that the net cost of financial aid programs may frequently be overstated, though. our results are too imprecise to provide exact cost-benefit estimates.