ProPelled: The Effects of Grants on Graduation, Earnings, and Welfare
利用德克萨斯州公立大学行政数据和低收入学生助学金慷慨度的断点，研究发现额外助学金显著提高了四年制大学新生的毕业率和后期收入，且收入增长足以在10年内完全收回政府支出。
We estimate effects of the Pell Grant—the largest US federal grant for college students—using administrative data from Texas public colleges and a discontinuity in grant generosity for low-income students. Within four-year institutions, eligibility for additional grant aid significantly increases first-time students’ degree completion and later earnings. Our estimated impacts on earnings alone are enough to fully recoup government expenditures within 10 years, suggesting that financial aid likely pays for itself several times over.