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Keywords:postsecondary education 

Working Paper
Stepping Stone and Option Value in a Model of Postsecondary Education

A stepping stone arises in risky environments with learning and transferable human capital. An example is the role played by academic two-year colleges in postsecondary education: Students, as they learn about the uncertain educational outcomes, can drop out or transfer up to harder and more rewarding schools, carrying a fraction of the accumulated human capital. A theory of education is built and contrasted empirically to find that i) option value explains a large part of returns to enrollment, ii) enrollment in academic two-year colleges is driven by the option to transfer up, and iii) the ...
Working Paper , Paper 14-3

Report
How does for-profit college attendance affect student loans, defaults, and labor market outcomes?

For-profit providers are becoming an increasingly important fixture of U.S. higher education markets. Students who attend for-profit institutions take on more educational debt, have worse labor market outcomes, and are more likely to default than students attending similarly selective public schools. Because for-profits tend to serve students from more disadvantaged backgrounds, it is important to isolate the causal effect of for-profit enrollment on educational and labor market outcomes. We approach this problem using a novel instrument combined with a more comprehensive data set on student ...
Staff Reports , Paper 811

Report
The Affordable Care Act and the market for higher education

Through changing the connection between insurance and employment, the Affordable Care Act (ACA) has affected people's incentives to obtain education. We employ a triple-difference strategy comparing counties with different levels of uninsurance pre-ACA and in states with different Medicaid expansion decisions across time to investigate changes in enrollment in different types of higher education institutions. We find that enrollment in less-than-two-year for-profit colleges increased more between high- and low-uninsurance counties in states that expanded Medicaid relative to states that did ...
Staff Reports , Paper 873

Report
State Investment in Higher Education: Effects on Human Capital Formation, Student Debt, and Long-Term Financial Outcomes of Students

Most public colleges and universities rely heavily on state financial support. As state budgets have tightened in recent decades, appropriations for higher education have declined substantially. Despite concerns expressed by policymakers and scholars that the declines in state support have reduced the return to education investment for public sector students, little evidence exists that can identify the causal effect of these funds on long-run outcomes. We present the first such analysis in the literature using new data that leverages the merger of two rich datasets: consumer credit records ...
Staff Reports , Paper 941

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