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College completion rates declined from the 1970s to the 1990s. We document that this trend has reversed--since the 1990s, college completion rates have increased. We investigate the reasons for the increase in college graduation rates. Collectively, student characteristics, institutional resources, and institution attended do not explain much of the change. However, we document that standards for degree receipt may explain some of the change in graduation rates.
This paper considers an unavoidable feature of the school environment – what are the long run effects of a student’s ordinal rank in elementary school? Using administrative data from all public school students in Texas, we show that students with a higher third grade academic rank, conditional on ability and classroom fixed effects, have higher subsequent test scores, are more likely to take AP classes, to graduate high school, and to enroll in college, and ultimately have higher earnings 19 years later. The paper concludes by exploring the tradeoff between higher quality schools and higher rank in the presence of these rank-based peer effects.
Despite large and growing student loan balances, there is relatively little evidence on the effects of access to student loans on borrowing and educational outcomes. We examine the effect of access to credit by using policy variation in the maximum federal student loan amounts available to U.S. college students. In particular, first-, second-, and third-year students have access to different amounts of federal student loans. Using a regression discontinuity and administrative data from a state higher education system, we find that access to higher loan limits increases borrowing for at least 26 percent of borrowers. Despite this increase in borrowing, we find no evidence that eligibility for additional loans affects student GPA, persistence, or graduation.