The Long-Run Impacts of Financial Aid: Evidence from California’s Cal Grant
通过追踪高中毕业后14年的教育和劳动力结果，研究加州Cal Grant财政援助对学位完成、长期收入和居住地选择的影响，发现援助提高了学位完成率，但对成本收益的估计不够精确。
We examine the long-term impacts of California’s state-based financial aid by tracking educational and labor force outcomes for up to 14 years after high school graduation. We identify program impacts by exploiting variation in eligibility rules using GPA and family income cutoffs that are ex ante unknown to applicants. Aid eligibility increases undergraduate and graduate degree completion, and for some subgroups, raises longer-run annual earnings and the likelihood that young adults reside in California. These findings suggest that the net cost of financial aid programs may frequently be overstated, though our results are too imprecise to provide exact cost-benefit estimates.