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This paper uses Advanced Placement (AP) exams to examine how receiving college credit in high school alters students’ subsequent human capital investment. Using data from one large state, I link high school students to postsecondary transcripts from in-state, public institutions and estimate causal impacts using a regression discontinuity that compares students with essentially identical AP performance but who receive different offers of college credit. I find that female students who earn credit from STEM exams take higher-level STEM courses, significantly increasing their depth of study, with no observed impacts for males. As a result, the male-female gap in STEM courses taken shrinks by roughly one-third to two-thirds, depending on the outcome studied. Earning non-STEM AP credit increases overall coursework in non-STEM courses and increases the breadth of study across departments. Early credit policies help assist colleges to produce graduates whose skills aligns with commonly cited social or economic priorities, such as developing STEM graduates with stronger skills, particularly among traditionally underrepresented groups.
The College Board sought to reduce barriers in the college application process by minimizing information aggregation costs, encouraging a broad application portfolio, and providing an impetus to start the search process. Some students were offered additional encouragements, such as text message reminders or college application fee waivers. In a randomized control trial with 785,000 low- and middle-income students in the top 50% of the PSAT and SAT distributions, we find no changes in college enrollment patterns, with the exception of a 0.02σ increase in college quality measures for African-American and Hispanic students.