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Colleges and universities play a major role in generating human capital for the workforce, and also represent a setting where government intervention responds to correct market failures, though imperfectly. This study looks at these topics through the lens of financial aid. Improvements in the delivery of aid have led to better access among poor students, while limited funding of aid has restricted access. The paper discusses how demographics, finances, and policy in this area are likely to evolve in the coming decades.
Drew M. Anderson is an Associate Economist at the RAND Corporation. He studies the economics of education finance and household financial decision making. His research evaluates how financial aid and financial education affect household investments, as well as how public policies shape markets for education, health, and financial products. He focuses on building partnerships to access and link administrative databases, to execute quasi-experimental and experimental designs and to inform policy decisions. He earned his Ph.D. in economics from the University of Wisconsin-Madison.
*This working paper was made possible by the US 2050 project, supported by the Peter G. Peterson Foundation and the Ford Foundation. The statements made and views expressed are solely the responsibility of the authors.