Are two- or four-year colleges more efficient at increasing the educational attainment of young adults? I use state variation in two- and four-year college systems to address this question at the state level. I find that the composition and cost of higher education in a state affect the...

In the early 2000s, a highly selective university introduced a "no-loans" policy under which the loan component of financial aid awards was replaced with grants. We use this natural experiment to identify the causal effect of student debt on employment outcomes. In the standard life-cycle model,...

In the early 2000s, a highly selective university introduced a “no-loans” policy under which the loan component of financial aid awards was replaced with grants. We use this natural experiment to identify the causal effect of student debt on employment outcomes. In the standard life-cycle...

Some have hypothesized that unrealistic expectations regarding their futures may explain the weak link between expectations and realizations among low-income (particularly minority) youth. Unfortunately, there is little evidence characterizing students' expectations around the time that they...

The authors provide background on the history and development of community colleges in the United States in the last half century and survey available evidence on the impacts of community colleges on educational attainment and earnings. They also weigh the evidence on the impact of public...