College students now use various forms of unsecured credit such as private student loans and credit cards to finance …

tuition increases enrollment rates, it reduces student effort. This follows from the fact that a high-subsidy, low …--and potentially more important--all students, even the more highly motivated ones, respond to lower tuition levels by decreasing their … effort levels. This study adds to the literature on the enrollment effects of low-tuition policies by demonstrating how high-subsidy …