Postsecondary Schooling and Parental Resources: Evidence from the PSID and HRS

Steven Haider and Kathleen McGarry
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Kathleen McGarry: Department of Economics University of California,Los Angeles, and NBER Los Angeles, CA 90095-1477 Author email: mcgarry@ucla.edu

Education Finance and Policy, 2018, vol. 13, issue 1, 72-96

Abstract: We examine the association between young adult postsecondary schooling and parental financial resources using two datasets that contain high-quality data on parental resources: the Panel Study of Income Dynamics (PSID) and the Health and Retirement Study (HRS). We find the association to be pervasive—it exists for income and wealth, it extends far up the income and wealth distributions, it remains even after we control for a host of other characteristics, and it continues beyond simply beginning postsecondary schooling to completing a four-year degree. Using the Transition to Adulthood supplement to the PSID, we also find that financial resources strongly affect postsecondary schooling for all levels of high school achievement, and particularly for those at the highest level.

Date: 2018
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