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An Empirical Examination of the Impact of College Financial Aid on Family Savings

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  • Monks, James

Abstract

The system of distributing financial aid dollars using needs analysis formulae implicitly imposes a financial aid tax on assets. Existing studies provide mixed evidence of the influence of this implicit tax on assets on wealth accumulation. This paper attempts to contribute to the literature on this topic by examining the sensitivity of results to various assumptions, specifications, and categories of assets, using more recent data that allows for the incorporation of recent developments in financial aid and college costs. I find much weaker evidence than existing studies that college financial aid has a significant impact on family savings.

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  • Monks, James, 2004. "An Empirical Examination of the Impact of College Financial Aid on Family Savings," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(2), pages 189-207, June.
    • Handle: RePEc:ntj:journl:v:57:y:2004:i:2:p:189-207
    DOI: 10.17310/ntj.2004.2.03
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    Cited by:

    1. Kristy Fan & Tyler J. Fisher & Andrew A. Samwick, 2021. "The Insurance Value of Financial Aid," NBER Working Papers 28669, National Bureau of Economic Research, Inc.
    2. Phillip B. Levine & Dubravka Ritter, 2024. "The racial wealth gap, financial aid, and college access," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 43(2), pages 555-581, March.
    3. Hemelt, Steven W. & Marcotte, Dave E., 2008. "Rising Tuition and Enrollment in Public Higher Education," IZA Discussion Papers 3827, Institute of Labor Economics (IZA).
    4. Rajeev Darolia, 2015. "Income-Tested College Financial Aid and Labor Disincentives," Upjohn Working Papers 15-248, W.E. Upjohn Institute for Employment Research.

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