 “You pay your share, we’ll pay our share”: The college cost burden and the role of race, income, and college assetsWilliam Elliott and Terri Friedline Economics of Education Review, 2013, vol. 33, issue C, 134-153 Abstract: Changes in financial aid policies raise questions about students being asked to pay too much for college and whether parents’ college savings for their children helps reduce the burden on students to pay for college. Using trivariate probit analysis with predicted probabilities, in this exploratory study we find recent changes in the financial aid system place a higher responsibility on African American, Latino/Hispanic, and moderate-income students to pay for college themselves. We also find when parents open a savings account, start a state-sponsored savings plan, or open a college investment fund students are less likely to pay for college with student contributions. Therefore, we suggest in addition to grants and scholarships, policies that encourage accumulation of savings for college among minority and lower income families may help reduce the college cost burden they experience. Keywords: Assets; College savings; College finances; College costs; Student debt; Student loans (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:ecoedu:v:33:y:2013:i:c:p:134-153 DOI: 10.1016/j.econedurev.2012.10.001 Access Statistics for this article Economics of Education Review is currently edited by E. Cohn More articles in Economics of Education Review from Elsevier |
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