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Can Financial Aid Help to Address the Growing Need for STEM Education? The Effects of Need†Based Grants on the Completion of Science, Technology, Engineering, and Math Courses and Degrees

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  • Benjamin L. Castleman
  • Bridget Terry Long
  • Zachary Mabel

Abstract

Although workers in science, technology, engineering, and math (STEM) fields earn above†average wages, the number of college graduates prepared for STEM jobs lags behind employer demand. A key question is how to recruit and retain college students in STEM majors. We offer new evidence on the role of financial aid in supporting STEM attainment. Exploiting a regression discontinuity that allows for causal inference, we find that eligibility for need†based financial aid increased STEM credit completion by 20 to 35 percent among academically†ready students in a large, public higher education system. These results appear to be driven by shifting students into STEM†heavy course loads, suggesting aid availability impacts the academic choices students make after deciding to enroll. We also find suggestive evidence that aid offers increase degree attainment in STEM fields, although we cannot rule out null impacts on STEM degree production.

Suggested Citation

  • Benjamin L. Castleman & Bridget Terry Long & Zachary Mabel, 2018. "Can Financial Aid Help to Address the Growing Need for STEM Education? The Effects of Need†Based Grants on the Completion of Science, Technology, Engineering, and Math Courses and Degrees," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 37(1), pages 136-166, January.
    • Handle: RePEc:wly:jpamgt:v:37:y:2018:i:1:p:136-166
    DOI: 10.1002/pam.22039
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    Citations

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    Cited by:

    1. Drew M. Anderson & Katharine M. Broton & Sara Goldrick‐Rab & Robert Kelchen, 2020. "Experimental Evidence on the Impacts of Need‐Based Financial Aid: Longitudinal Assessment of the Wisconsin Scholars Grant," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 39(3), pages 720-739, June.
    2. Onda, Masayuki & Seyler, Edward, 2020. "English learners reclassification and academic achievement: Evidence from Minnesota," Economics of Education Review, Elsevier, vol. 79(C).
    3. Patterson, Richard & Pope, Nolan G. & Feudo, Aaron, 2019. "Timing Is Everything: Evidence from College Major Decisions," IZA Discussion Papers 12069, Institute of Labor Economics (IZA).
    4. Espahbodi, Arya & Espahbodi, Linda & Espahbodi, Reza & Walker, Rosemary & Thomas White, G., 2023. "Determinants of CPA exam performance," Journal of Accounting Education, Elsevier, vol. 64(C).
    5. Yanqing Ding & Wei Li & Xin Li & Yinduo Wu & Jin Yang & Xiaoyang Ye, 2021. "Heterogeneous Major Preferences for Extrinsic Incentives: The Effects of Wage Information on the Gender Gap in STEM Major Choice," Research in Higher Education, Springer;Association for Institutional Research, vol. 62(8), pages 1113-1145, December.
    6. Christine Baker-Smith & Kallie Clark & Sara Goldrick-Rab & Christel Perkins & Douglas A. Webber & Travis T. York, 2023. "Affording Degree Completion: An Experimental Study of Completion Grants at Accessible Public Universities," Finance and Economics Discussion Series 2023-047, Board of Governors of the Federal Reserve System (U.S.).
    7. Margaret E. Blume‐Kohout & Jacob P. Scott, 2022. "Incentivizing STEM participation: Evidence from the SMART Grant Program," Southern Economic Journal, John Wiley & Sons, vol. 89(2), pages 373-405, October.
    8. Serena Canaan & Antoine Deeb & Pierre Mouganie, 2022. "Adviser Value Added and Student Outcomes: Evidence from Randomly Assigned College Advisers," American Economic Journal: Economic Policy, American Economic Association, vol. 14(4), pages 151-191, November.

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