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Estimating the Value of Higher Education Financial Aid: Evidence from a Field Experiment
Journal of Labor Economics ( IF 3.9 ) Pub Date : 2020-07-08 , DOI: 10.1086/710701 Christian Belzil , Arnaud Maurel , Modibo Sidibé
Journal of Labor Economics ( IF 3.9 ) Pub Date : 2020-07-08 , DOI: 10.1086/710701 Christian Belzil , Arnaud Maurel , Modibo Sidibé
Using data from a Canadian field experiment on the financial barriers to higher education, we estimate the distribution of the value of financial aid for prospective students. Our results point out that a considerable share of prospective students are affected by credit constraints. We find that most of the individuals are willing to pay a sizable interest premium above the prevailing market rate for the option to take up a loan, with a median interest rate wedge equal to 6.8 percentage points for a $1,000 loan. The willingness-to-pay for financial aid is highly heterogeneous across students, with preferences and in particular discount factors, playing a key role in accounting for this variation.
中文翻译:
评估高等教育资助的价值:来自现场实验的证据
使用来自加拿大的一项关于高等教育资金障碍的实地实验数据,我们估算了潜在学生的经济援助价值分布。我们的结果指出,相当一部分的准学生受到学分限制的影响。我们发现,大多数人愿意为选择贷款的选择支付高于现行市场利率的相当高的利息溢价,其中1000美元的贷款利率中位数等于6.8个百分点。不同学生之间对经济援助的支付意愿高度不同,有偏好,尤其是折扣因素,在解释这种差异方面起着关键作用。
更新日期:2020-07-08
中文翻译:
评估高等教育资助的价值:来自现场实验的证据
使用来自加拿大的一项关于高等教育资金障碍的实地实验数据,我们估算了潜在学生的经济援助价值分布。我们的结果指出,相当一部分的准学生受到学分限制的影响。我们发现,大多数人愿意为选择贷款的选择支付高于现行市场利率的相当高的利息溢价,其中1000美元的贷款利率中位数等于6.8个百分点。不同学生之间对经济援助的支付意愿高度不同,有偏好,尤其是折扣因素,在解释这种差异方面起着关键作用。