Are selective private and public colleges affordable?
John Karikari and
Education Economics, 2013, vol. 21, issue 1, 60-78
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.
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Persistent link: https://EconPapers.repec.org/RePEc:taf:edecon:v:21:y:2013:i:1:p:60-78
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