the subsidy should be even higher. Furthermore, the different policy packages cause a very differentiated pattern …

Effective tax and subsidy rates (ETRs and ESRs) on human capital investment via postsecondary education are estimated … reduced the tax disincentive for investment in human capital. Effective subsidy rates also declined as public spending did not … keep pace with rising tuition fees. The change on the tax side was strong enough to dominate the subsidy reduction …