ALL |
META-ANALYSIS |
CITATIONS |
|
Benefit-Cost Summary Statistics Per Participant | ||||||
---|---|---|---|---|---|---|
Benefits to: | ||||||
Taxpayers | ($39) | Benefits minus costs | ($332) | |||
Participants | ($106) | Benefit to cost ratio | ($2.77) | |||
Others | ($61) | Chance the program will produce | ||||
Indirect | ($38) | benefits greater than the costs | 44% | |||
Total benefits | ($244) | |||||
Net program cost | ($88) | |||||
Benefits minus cost | ($332) | |||||
Meta-Analysis of Program Effects | ||||||||||||
Outcomes measured | Treatment age | No. of effect sizes | Treatment N | 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 | |||||||||||
ES | SE | Age | ES | SE | Age | ES | p-value | |||||
Enroll in 4-year college Enroll in a 4-year higher education institution. |
17 | 2 | 63872 | -0.003 | 0.009 | 18 | -0.003 | 0.009 | 18 | -0.003 | 0.738 | |
Enroll in 2-year college Enroll in a 2-year higher education institution. |
17 | 2 | 63872 | 0.002 | 0.023 | 18 | 0.002 | 0.023 | 18 | 0.002 | 0.923 | |
Apply to 4-year college^ Submit an application to a 4-year higher education institution. |
17 | 2 | 114478 | 0.110 | 0.113 | 18 | n/a | n/a | n/a | 0.110 | 0.331 | |
File a FAFSA^ Submit a Free Application for Federal Student Aid (FAFSA) for (federal financial assistance for higher education). |
17 | 2 | 966 | -0.070 | 0.045 | 18 | n/a | n/a | n/a | -0.070 | 0.126 |
Detailed Monetary Benefit Estimates Per Participant | ||||||
Affected outcome: | Resulting benefits:1 | Benefits accrue to: | ||||
---|---|---|---|---|---|---|
Taxpayers | Participants | Others2 | Indirect3 | Total |
||
Enroll in 2-year college | Labor market earnings associated with higher education | ($52) | ($123) | ($67) | $0 | ($242) |
Costs of higher education | $13 | $17 | $6 | $6 | $42 | |
Program cost | Adjustment for deadweight cost of program | $0 | $0 | $0 | ($44) | ($44) |
Totals | ($39) | ($106) | ($61) | ($38) | ($244) | |
Detailed Annual Cost Estimates Per Participant | ||||
Annual cost | Year dollars | Summary | ||
---|---|---|---|---|
Program costs | $65 | 2009 | Present value of net program costs (in 2023 dollars) | ($88) |
Comparison costs | $0 | 2009 | Cost range (+ or -) | 50% |
Benefits Minus Costs |
Benefits by Perspective |
Taxpayer Benefits by Source of Value |
Benefits Minus Costs Over Time (Cumulative 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 discounted dollars. 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. |
Bergman, P., Denning, J.T., & Manoli, D. (2016). Is information enough? evidence from a tax credit information experiment with 1,000,000 students. Working Paper.
Bettinger, E.P., Long, B.T., Oreopoulos, P., & Sanbonmatsu, L. (2012). The role of application assistance and information in college decisions: Results from the H&R Block FAFSA Experiment. The Quarterly Journal of Economics, 127(3), 1205–1242.
Bird, K.A., Castleman, B.L., Goodman, J., & Lamberton, C. (2017). Nudging at a national scale: experimental evidence from a FAFSA completion campaign. EdPolicy Works Working Paper Series No 54.
Blagg, K., Chingos, M.M., Graves, C., Nicotera, A., & Shaw, L. (2017). Rethinking consumer information in higher education (Education Policy Program). Washington, DC: Urban Institute.
Hoxby, C., & Turner, S. (2013). Expanding college opportunities for high-achieving, low income students, (SIEPR Discussion Paper No. 12-014). Stanford, CA: Stanford Institute for Economic Policy Research.