Parental Resources and College Attendance: Evidence from Lottery Wins

• 成果类型: Article
• 署名作者: Bulman, George; Fairlie, Robert; Goodman, Sarena; Isen, Adam
• 署名单位: University of California System; University of California Santa Cruz; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20171272
• 发表日期: 2021
• 页码: 1201-1240
• 关键词: low-income students; borrowing constraints; credit constraints; housing wealth; ENROLLMENT EVIDENCE; consumer response; self-employment; windfall gains; financial-aid; drop-out

摘要

We examine US 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.