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Are selective private and public colleges affordable?

John Karikari and Hashem Dezhbakhsh

Education Economics, 2013, vol. 21, issue 1, 60-78

Abstract: We examine college affordability under the existing pricing and financial aid system that awards both non need-based and need-based aid. Using data of freshmen attending a large number of selective private and public colleges in the USA, we find that the prices students actually pay for college have increased over time. Need-based grant aid has not kept pace with the substantial increases in non need-based aid. Most importantly, although low-income students received more subsidies than higher-income students, the existing financial aid system does not provide enough affordability to needy students. Nonetheless, the deficiency cannot be attributed to the increases in non need-based aid.

Date: 2013
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DOI: 10.1080/09645292.2010.545195

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