The essay provides a comprehensive review of work by economists and others in related quantitative disciplines on the transition of students to college. A particular emphasis is given to the role of price and financial aid although issues related to college preparation, access, and persistence are also investigated. The final section discusses ongoing debates within economics about college access and success and suggests directions for future research.
Purpose
While other papers review parts of this literature, given the breadth and depth of the work on the transition to college, none gives a full picture of the contribution of economics to this area of understanding.
Research Design
A main goal of the economics literature has been to establish a causal relationship rather than one based on the correlation of trends or patterns. In pursuit of causality, economists rely on complex estimation techniques usually involving large samples of quantitative data and often utilize “natural experiments” to establish the impact of a factor or policy. Unfortunately, the data requirements for such work, along with the concerns about biases, often limits the kinds of questions that can be confidently answered.
The primary framework in economics of education is the human capital model. When deciding whether to continue their education, individuals compare the benefits of human capital to the costs of obtaining it. Numerous articles highlight important factors in these decisions, including both monetary and non-monetary considerations as well as uncertainty and risk aversion.
Conclusions/Recommendations
While great progress has been made by economists to understand issues related to college access and success, the article makes suggestions about possible future research. More work is needed to understand the role of primary and secondary schools in college attendance, why there are differences in academic course-taking and performance, and the role of expectations and information in college access. Although economists have greatly contributed to the understanding of the role of costs and benefits in college demand, additional work is needed to clarify the role of parents, teachers, peers, and neighborhoods in college decisions. Additional research is also needed to resolve the current debate about the relative role of resources in comparison to long-term family circumstances and academic preparation. Finally, more information is also need about what factors affect college success.
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GroenJ. A., and WhiteM. (2004). In-state vs. out-of-state students: The divergence of interests between public universities and state governments. Journal of Public Economics. This paper examines the divergence of interest between universities and state governments concerning standards for admitting in-state versus out-of-state students. The authors develop and test a model that illustrates the divergence of interest between universities and their states. They find that public universities set lower minimum admissions standards for in-state than out-of-state applicants, presumably following their states’ preferences, while private universities on average treat both groups equally. However, they find that states in fact gain financially when public universities admit additional out-of-state students. This is because attending a public university in a particular state increases marginal students’ probability of locating in the state after graduation by the same amount regardless of whether students are from in-state or out-of-state. And because marginal out-of-state students earn more, their expected future state tax payments are higher. The results suggest a rationale for public support of flagship public universities that can attract high-ability students.
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HauptmanA., and KropC. (1997). Federal Student Aid and the Growth in College Costs and Tuitions: Examining the Relationship. Paper presented at the National Commission on the Cost of Higher Education by the Council for Aid to Education, December.
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HoxbyC. M. (1997). How the changing market structure of U.S. higher education explains college tuition (Working Paper No. 6323). Cambridge, MA: National Bureau of Economic Research.
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HoxbyC. M. (2000). Benevolent colluders? The effects of antitrust actions on college financial aid and tuition (Working Paper No. 7754). Cambridge, MA: National Bureau of Economic Research,.
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LiJ. (1999). Estimating the Effect of Federal Financial Aid on College Tuitions: A Study of Pell Grants. Mimeograph, Harvard University, Cambridge, MA.
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LongB. T. (2004). How do financial aid policies affect colleges? The institutional impact of the Georgia hope scholarship program. Journal of Human Resources, 39(4), 1045—1066. This paper examines the effects of financial aid policies on the behavior of postsecondary institutions. Using the introduction of the Georgia HOPE Scholarship as a natural experiment, it investigates the impact of the policy on college pricing, institution aid, expenditures, and state appropriations. The results suggest that four-year colleges in Georgia, particularly private institutions, did respond by increasing student charges. In the most extreme case, colleges recouped approximately 30 percent of the scholarship award. As a result, the institutional responses reduced the intended benefit of the scholarship and increased the cost of college for non-recipients.
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McPhersonM. S., SchapiroM. O., and WinstonG. (1994). Paying the piper: Productivity, incentives and financing in U.S. higher education. Ann Arbor, MI: University of Michigan Press.
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McPhersonM. S., and SchapiroM. O. (2003). Getting the most out of federal student aid spending – Encouraging colleges and universities to promote the common good. New York: National Dialogue on Student Financial Aid, The College Board.
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McPherson and Schapiro argue that the federal government needs the partnership of individual colleges and universities to achieve its college access goals. Directly opposing the idea prevalent among federal policy-makers that “a dollar going directly to a college or university is a dollar wasted,” they propose creating a “cost of education” allowance to be paid to higher education institutions for each Pell grant student enrolled. This system would provide colleges with a needed economic incentive to enroll Pell grant students rather than more affluent students, while reaffirming the partnership between the federal government and colleges in promoting college access.
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Mayer-FoulkesD. (2002). On the dynamics of quality student enrollment at institutions of higher education. Economics of Education Review, 21(5), 481—489.
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Academic institutions seeking excellence attract good students through reputation. How high should their academic level be set? Suppose that teaching seeks to maximize aggregate discounted student achievement, while reputation deducts from this the risk of student failure. The inter-temporal optimal policy (a) tailors academic objectives and standards to maximize the achievement of its current students; (b) optimizes achievement using as many instruments as possible, such as individual teaching, tutorials, teaching according to skill; (c) minimizes the costs of these policies for students.
332.
MixonF., and HsingY. (1994). The determinants of out-of-state enrollments in higher education: A Tobit analysis. Economics of Education Review, 13(4), 329—335.
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Measures determinants of out-of-state enrollments in institutions of higher learning throughout the United States. Tobit regression results suggest that college size, status, selectivity, collegiate sports participation, and other factors significantly influence a university's percentage of nonresident student enrollments. The economics of college student migration are important to college administrators eager to attract higher revenues from nonresident tuition fees.
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MonksJ., and EhrenbergR. G. (1999). The U.S. News & World Report rankings: Why do they matter?Change, 31(6), 42—51.
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QuigleyJ., and RubinfeldD. (1993). Public choice in public higher education. ClotfelterC., and RothschildM. (Eds.), Studies of supply and demand in higher education (pp. 243—283). Chicago: University of Chicago Press.
336.
RothschildM., and WhiteL. (1995). The analytics of pricing in higher education and other services in which customers are inputs. Journal of Political Economy, 103(3), 573—586. Provides a simple model that addresses the questions of competitive pricing and allocative efficiency. Prices that charge customers for what they get on net (output minus input) from the firm both are competitive and support efficient allocations; these prices internalize the apparent external effects of customers on each other.
337.
SingellL. DJr.. (2002). Merit, need, and student self selection: Is there discretion in the packaging of aid at a large public university?Economics of Education Review, 21(5), 445—54. Empirically models and tests role of merit and need in the offer, level, and packaging of non-need-based subsidized and unsubsidized aid at a large public university. Finds that provision of each aid type depends on need, merit, and the discretion of financial aid office that adjusts aid package to account for the observed self-selection of student applicants.
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SmartJ. C. (Ed.) (2000) Higher education: Handbook of theory and research. New York: Agathon.
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ThompsonF., and ZumetaW. (2001). Effects of key state policies on private colleges and universities: Sustaining private-sector capacity in the face of the higher education access challenge. Economics of Education Review, 20(6), 517—531.
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Examines the relationship between key state policy variables and the competitive position of private colleges and universities. The findings suggest state policies in this era of strong demand for higher education and constrained public sector capacity should use price signals to encourage students to consider seriously whether private higher education might serve their needs as well as or better than public institutions.
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WinstonG. (1999). Subsidies, hierarchy and peers: The awkward economics of higher education. The Journal of Economic Perspectives, 13(1), 13—36.
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Higher education is an industry where markets don't clear, prices on average cover less than a third of production costs, the resulting student subsidies are given in strikingly different amounts by different schools, creating a sharply hierarchical market. And an input important to production can be bought only from the firm's own customers. This paper describes the resulting structure of costs, prices, subsidies, and hierarchy using an augmented theory of nonprofits.
343.
WinstonG., and ZimmermanD. (2000). Where is aggressive price competition taking higher education?Change, 32(4), 10—18.
