|Benefit-Cost Summary Statistics Per Participant|
|Taxpayers||$6,175||Benefits minus costs||$18,922|
|Participants||$10,725||Benefit to cost ratio||$13.54|
|Others||$3,917||Chance the program will produce|
|Indirect||($386)||benefits greater than the costs||86 %|
|Net program cost||($1,509)|
|Benefits minus cost||$18,922|
|Detailed Monetary Benefit Estimates Per Participant|
|Benefits from changes to:1||Benefits to:|
|Labor market earnings associated with high school graduation||$5,444||$11,988||$5,514||$0||$22,946|
|Health care associated with educational attainment||$1,296||($355)||($1,418)||$647||$170|
|Costs of higher education||($603)||($908)||($272)||($300)||($2,082)|
|Adjustment for deadweight cost of program||$0||$0||$0||($752)||($752)|
|Detailed Annual Cost Estimates Per Participant|
|Annual cost||Year dollars||Summary|
|Program costs||$1,493||2015||Present value of net program costs (in 2016 dollars)||($1,509)|
|Comparison costs||$0||2015||Cost range (+ or -)||10 %|
|Estimated Cumulative Net Benefits Over Time (Non-Discounted Dollars)|
|The graph above illustrates the estimated cumulative net benefits per-participant for the first fifty years beyond the initial investment in the program. We present these cash flows in non-discounted dollars to simplify the “break-even” point from a budgeting perspective. If the dollars are negative (bars below $0 line), the cumulative benefits do not outweigh the cost of the program up to that point in time. The program breaks even when the dollars reach $0. At this point, the total benefits to participants, taxpayers, and others, are equal to the cost of the program. If the dollars are above $0, the benefits of the program exceed the initial investment.|
|Meta-Analysis of Program Effects|
|Outcomes measured||No. of effect sizes||Treatment N||Adjusted effect sizes (ES) and standard errors (SE) used in the benefit-cost analysis||Unadjusted effect size (random effects model)|
|First time ES is estimated||Second time ES is estimated|
|College grade point average^||1||631||0.262||0.040||17||0.262||0.040||17||0.262||0.001|
|Enroll in 4-year college||4||42045||-0.090||0.192||18||-0.090||0.192||18||-0.090||0.640|
|Graduate with 2-year degree||1||1700||-0.270||0.035||22||-0.270||0.035||22||-0.270||0.001|
|Graduate with 4-year degree||3||33462||0.181||0.093||23||0.181||0.093||23||0.181||0.051|
|High school graduation||6||17094||0.146||0.115||18||0.146||0.115||18||0.146||0.206|
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