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Lesley J. Turner
This paper documents several facts about graduate program graduation rates using administrative data covering public and nonprofit graduate students in Texas. Despite conventional wisdom that most graduate students complete their programs, only 58 percent of who started their program in 2004 graduated within 6 years. Between the 2004 and 2013 entering cohorts, graduate student completion rates grew by 10 percentage points. Graduation rates vary widely by field of study--ranging from an average of 81 percent for law programs to 53 percent for education programs. We also find large differences in graduation rates across institutions. On average, 72 percent of students who entered programs in flagship public universities graduated in 6 years compared to only 57 percent of those who entered programs in non-research intensive (non-R1) institutions. Graduate students who do not complete may face negative consequences due to lower average earnings and substantial levels of student debt.
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 aid recipients who attended college but left prior to earning a degree. We conducted a randomized control trial with approximately 8,000 former students in their early- to mid-20s. Half of participants assigned to the treatment group were offered the opportunity to receive coaching services from InsideTrack, with all communication done remotely via phone or video. Intent-to-treat analyses based on assignment to coaching shows no impacts on college enrollment and we can rule out effects larger than a two-percentage point (5%) increase in subsequent Fall enrollment.
In 2006, the federal government effectively uncapped student borrowing for graduate programs with the introduction of the Graduate PLUS loan program. Access to additional federal loans increased graduate students’ borrowing and shifted the composition of their loans from private to federal debt. However, the increase in borrowing limits did not improve access to existing programs overall or for underrepresented groups. Nor did access to additional loan aid result in significant increase in constrained students’ persistence or degree receipt. We document that among programs in which a larger share of graduate students had exhausted their annual federal loan eligibility before the policy change—and thus were more exposed to the expansion in access to credit—federal borrowing and prices increased.
Growing reliance on student loans and repayment difficulties have raised concerns of a student debt crisis in the United States. However, little is known about the effects of student borrowing on human capital and long-run financial well-being. We use variation induced by recent expansions in federal loan limits, together with administrative schooling, earnings, and credit records, to identify the effects of increased student borrowing on credit-constrained students’ educational attainment, earnings, debt, and loan repayment. Increased student loan availability raises student debt and improves degree completion, later-life earnings, and student loan repayment while having no effect on homeownership or other types of debt.