Finance

This paper studies how school spending impacts student achievement by exploiting the US interstate branching deregulation as state tax revenue shocks. Leveraging school finance data from universal school districts, our difference-in-differences estimation reveals that deregulation leads to an… more →

We study the progressivity of state funding of school districts under Tennessee’s weighted student funding formula. We propose a simple definition of progressivity based on the difference in exposure to district per-pupil funding between poor and non-poor students. The realized progressivity of… more →

Recent work highlights the challenge of scaling evidence-based educational programs. We report on a randomized controlled trial of a financial incentive program designed to increase the efficacy of a national remote college advising initiative for high-achieving students. We find substantial… more →

Generally, need-based financial aid improves students’ academic outcomes. However, the largest source of need-based grant aid in the United States, the Federal Pell Grant Program (Pell), has a mixed evaluation record. We assess the minimum Pell Grant in a regression discontinuity framework,… more →

School districts across the U.S. have adopted funding policies designed to distribute resources more equitably across schools. However, schools are also increasing external fundraising efforts to supplement district budget allocations. We document the interaction between funding policies and… more →

Scholars disagree about the effect out-of-state university students have on potential in-state students. Despite paying a premium to attend state universities, researchers argue that out-of-state students may come at a cost to in-state students by negatively affecting academic quality or by… more →

During the Great Recession and in the years that immediately followed, previous research has well-documented that U.S. public school districts receiving larger shares of their funding from state governments experienced larger declines in expenditures per student, as the GR impacted state tax… more →

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… more →

The media discourse on student loans plays a significant role in the way that policy actors conceptualize challenges and potential solutions related to student debt. This study examines the racialized language in student loan news articles published in eight major news outlets between 2006 and… more →

We evaluate the effects of the 2020 student debt moratorium that paused payments for student loan borrowers. Using administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for borrowers subject to the debt moratorium, as well… more →

Efforts to attract and retain effective educators in high poverty public schools have had limited success. Dallas ISD addressed this challenge by using information produced by its evaluation and compensation reforms as the basis for effectiveness-adjusted payments that provided large… more →

We estimate the societal costs associated with corequisite and traditional pre-requisite English developmental education and compare them to societal benefits. Our context is the randomized controlled trial conducted by Miller et al. (2022) that estimated the effects of three different… more →

How progressive is school spending when spending is measured at the school-level, instead of the district-level? We use the first dataset on school-level spending across schools throughout the United States to ask to what extent progressivity patterns previously examined across districts are… more →

Discussion of the rising price of higher education and associated student debt in America has been a key feature of political discourse in recent memory, with renewed interest sparked by the announcement of the student loan forgiveness plan. Federal student debt has increased by 756% since 1995… more →

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… more →

The factors that influenced school districts’ decisions to offer virtual, hybrid, or in-person instruction during the 2020-21 school year—the first full school year after the emergence of the COVID-19 pandemic—have been the focus of a large body of research in recent years. Some of this research… more →

We study the effects of increased school spending in rural American school districts by leveraging the introduction and subsequent expansion of Wisconsin’s Sparsity Aid Program. We find that the program, which provides additional state funding to small and isolated school districts, increased… more →

Despite the growing popularity of free college proposals, countries with higher college subsidies tend to have higher enrollment rates but not higher graduation rates. To capture this evidence and evaluate potential free college policies, we rely on a dynamic model of college enrollment,… more →

The impact of school resources on student outcomes was first raised in the 1960s and has been controversial since then. This issue enters into the decision making on school finance in both legislatures and the courts. The historical research found little consistent or systematic relationship of… more →

In this forthcoming book chapter, the authors provide an in-depth description of the history and current issues pertaining to public school finance in Washington State, including how recent federal stimulus funding impacted resource levels. The state uses a resource-based funding model, where… more →