Self-financing, Parental Transfer, and College Education

Jungho Lee and Sunha Myong
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Jungho Lee: Yonsei University
Sunha Myong: Kyung Hee University

No 2026rwp-278, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: We show that financial constraints can affect the human capital accumulation of college students by influencing students' labor supply. We document that many college students work a substantial number of hours at low-skill jobs, and students who have fewer financial resources (in particular, parental transfer) tend to work more. We develop a model that incorporates college students' labor supply and its interaction with parental transfer in the presence of financial constraints. By estimating the model, we quantify the trade-off between self-financing and human capital accumulation and discuss the implications of a wage subsidy policy.

Keywords: College Education; Parental Transfer; Labor Supply; Intergenerational Mobility; Financial Constraints (search for similar items in EconPapers)
JEL-codes: I22 I23 I24 (search for similar items in EconPapers)
Pages: 61pages
Date: 2026-02
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Persistent link: https://EconPapers.repec.org/RePEc:yon:wpaper:2026rwp-278

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