markets. These constraints imply cross-sectional patterns for schooling, ability, and family income that are consistent with U … -- schooling relationship for low-income youth. We show that the rising empirical importance of familial wealth and income in …

determined bequests from parents that can be used to finance schooling, uncertainty in college completion related to differences … structure, we analyze tuition subsidies such as exist in most public colleges, alternative forms of need-based aid, income … more intergenerational mobility and greater income equality. But, the various policies have quite different implications …