Attainment Effects of Student Loans and Pell Grants

Benjamin Marx and Lesley Turner

AEA Papers and Proceedings, 2019, vol. 109, 223-26

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.

JEL-codes: H52 I22 I23 I28 (search for similar items in EconPapers)
Date: 2019
Note: DOI: 10.1257/pandp.20191015
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