Past studies find that disadvantaged students in the United States are often misinformed about college costs and financial aid opportunities and thus may make sub-optimal decisions regarding college. This information problem may be even more serious in developing countries. We therefore...

China's central government incrementally introduced various kinds of student financial aid since the late 1990s in response to public concerns about the rising burden of college prices. Despite the marked increase in financial assistance from governmental as well as non-governmental sources in...