We study supply-side responses to student financial aid, focusing on how tuition responds to the targeting of aid. Our framework identifies two mechanisms: a direct effect, which raises tuition, and a composition effect, which can lower tuition if aid targets price-sensitive students. Leveraging a reform in Brazil's student loan program, we…

This paper studies families' capacity to pay for college in the United States, focusing on changes over time and differences by race and socioeconomic status. I use data from the National Postsecondary Student Aid Study (NPSAS) to document changes over time in the Expected Family Contribution (EFC) from the Free Application for Federal Student Aid…

Bucky's Tuition Promise (BTP) at the University of Wisconsin--Madison offers generous financial aid to low-income, in-state students. Unlike many similar programs at other public universities, financial eligibility for BTP depends solely on a family's Adjusted Gross Income (AGI), rather than on the Expected Family Contribution (EFC) from the Free…

College attendance has increased significantly over the last few decades, but dropout rates remain high, with fewer than half of all adults ultimately obtaining a postsecondary credential. This project investigates whether one-on-one college coaching improves college attendance and completion outcomes for former low- and middle-income income state…

Paying for college is often a family affair, with both parents and students contributing. We study the effects of college on family finances using administrative data on the universe of federal aid applicants in California linked to credit records. We provide the first comprehensive analysis of how both students and their parents use debt with…

Substantial increases in public university tuition often raise concerns about college affordability. But assessment of the impacts on low- and moderate-income families requires consideration of whether net tuition--tuition less grant aid--has increased commensurately. This paper describes recent shifts in net tuition by family income and…

The paper studies the impact of financial aid on long-term educational attainment and labor market outcomes in Colombia. In 2014, the government launched a large-scale and generous student loan program called "Ser Pilo Paga." It offered full tuition coverage to students admitted to one of 33 government-certified high-quality universities…

Financial aid programs enable students from families with fewer financial resources to pay less to attend college than other students from families with greater financial resources. When income is uncertain, a means-tested financial aid formula that requires more of an Expected Family Contribution (EFC) when income and assets are high and less of…

Proposed "free college" policies vary widely in design. The simplest set tuition to zero for everyone. More targeted approaches limit free tuition to those who demonstrate need through an application process. We experimentally test the effects of these two models on the schooling decisions of low-income students. An unconditional free…

Do students respond to sticker prices or actual prices when applying to college? These costs differ for students eligible for financial aid. Students who do not understand this may not apply to some colleges because of the perceived high cost. We test for this form of "sticker shock" using College Board data on SAT scores sends, as a…

The increasing tension between the perceived necessity of a college degree and the challenge of paying for it has led to a proliferation of financial aid policy in the U.S. and around the world. More students are receiving more aid today, and more different types of aid, than ever before. Half a century of policy experimentation has led to an…

Do nudge interventions that have generated positive impacts at a local level maintain efficacy when scaled state or nationwide? What specific mechanisms explain the positive impacts of promising smaller-scale nudges? We investigate, through two randomized controlled trials, the impact of a national and state-level campaign to encourage students to…

We study the determinants of poor mental health among students at an elite private institution. Survey measures of well-being have declined significantly over the last decade for both high school students and those of college age. This is an international phenomenon that appears to have started in the US around 2013 and that was not caused by but…

This paper examines inequalities in the match between student and degree quality using linked administrative data from schools, universities and tax authorities. We analyse two measures of match at the university-subject level: undergraduate enrollment qualifications, and graduate earnings. We find for both that disadvantaged students match to…

In this paper, we leverage the random assignment of a need-based financial aid grant offer--the Fund for Wisconsin Scholars (FFWS) grant--and several sets of administrative records to provide experimental evidence on the effects of the grant offer on students' in-state employment and earnings. For students in four-year universities, our results…