| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28669 |
| 来源ID | Working Paper 28669 |
| The Insurance Value of Financial Aid | |
| Kristy Fan; Tyler J. Fisher; Andrew A. Samwick | |
| 发表日期 | 2021-04-12 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Financial aid programs enable students from families with fewer financial resources to pay less to attend college than other students from families with greater financial resources. When income is uncertain, a means-tested financial aid formula that requires more of an Expected Family Contribution (EFC) when income and assets are high and less of an EFC when income and assets are low provides insurance against that uncertainty. Using a stochastic, life-cycle model of consumption and labor supply, we show that the insurance value of financial aid is substantial. Across a range of parameterizations, we calculate that financial aid would have to increase by enough to reduce the net cost of attendance by 30 to 80 percent to compensate families for the loss of the income- and asset-contingent elements of the current formula. This compensating variation is net of the negative welfare consequences of the disincentives to work and save inherent in the means-testing of financial aid. Replacing just the "financial aid tax" on assets with a lump sum would also reduce welfare. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Health, Education, and Welfare ; Education |
| URL | https://www.nber.org/papers/w28669 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586342 |
| 推荐引用方式 GB/T 7714 | Kristy Fan,Tyler J. Fisher,Andrew A. Samwick. The Insurance Value of Financial Aid. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28669.pdf（620KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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