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Attainment Effects of Student Loans and Pell Grants

Author

Listed:
  • Benjamin M. Marx
  • Lesley J. Turner

Abstract

We estimate attainment effects of financial aid at a large community college. Using variation from a field experiment that altered how the college presented loans and a discontinuity in the Pell Grant formula, we separately identify the effects of grant aid and loans on short-run attainment. Although increases in Pell Grant aid cause students to reduce their borrowing, our experiment allows us to partial out the effect of any borrowing response on attainment. Both grants and loans significantly increase credits completed and grades.

Suggested Citation

  • Benjamin M. Marx & Lesley J. Turner, 2019. "Attainment Effects of Student Loans and Pell Grants," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 223-226, May.
    • Handle: RePEc:aea:apandp:v:109:y:2019:p:223-26
    Note: DOI: 10.1257/pandp.20191015
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    More about this item

    JEL classification:

    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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