We study the optimal design of student financial aid as a function of parental income. We derive optimal financial aid formulas in a general model. For a simple model version, we derive mild conditions on primitives under which poorer students receive more aid even without distributional...

Following a landmark ruling by the Constitutional Court in 2005, more than half of Germany's universities started charging tuition fees, which also applied to incumbent students. We exploit this unusual lack of grandfathering together with register data covering the universe of students to show...

Following a landmark ruling by the Constitutional Court in 2005, more than half of Germany's universities started charging tuition fees, which also applied to incumbent students. We exploit this unusual lack of grandfathering together with register data covering the universe of students to show...

This paper's study of Connecticut's education costs can serve as the foundation of an equitable and adequate state education aid formula. To the best of the author's knowledge, it is the first cost function study of Connecticut public K-12 education. The author uses a regression model to...

This paper examines how financial aid reform based on postsecondary institutional performance impacts student choice. Federal and state regulations often reflect concerns about the private, for-profit sector's poor employment outcomes and high loan defaults, despite the sector's possible...

After being sued for inequity and inadequacy in school funding, many states have reformed their education aid policies. Using Connecticut as an example, this paper shows how to design a state education aid formula that can effectively address funding inequity and inadequacy while taking...

Equal educational opportunity is a core American value. Yet many children of low-income or minority racial or ethnic status attend public schools that are lower quality compared with those that white children or high-income children attend. And data indicate that, on average, low-income or...

This paper uses new administrative data with detailed borrower information and lengthy repayment histories from the Canada Student Loans Program (CSLP) to mea- sure rates of return on undergraduate student loans. We document substantial heterogeneity in returns based on information available at...

Income contingent loans (ICLs) are a financial tool that optimizes the transactional efficiencies involved in the government monopoly in taxing personal income. It protects the borrowers against periods of low income, as instalments vary according to fluctuations in their incomes over the...

Purpose This study examines the efficiency of Senior Secondary Schools, in the Region of Central Macedonia in Greece, using input-oriented Data Envelopment Analysis, with three inputs and two outputs variables. Data concern schools in urban, semi-urban/rural, for the school years 2007-08 (before...