The Effect of Credit Constraints on the College Drop-Out Decision: A Direct Approach Using a New Panel Study

Stinebrickner, Ralph; Stinebrickner, Todd

doi:10.1257/aer.98.5.2163

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American Economic Review: Vol. 98 No. 5 (December 2008)

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The Effect of Credit Constraints on the College Drop-Out Decision: A Direct Approach Using a New Panel Study

Article Citation

Stinebrickner, Ralph, and Todd Stinebrickner. 2008. "The Effect of Credit Constraints on the College Drop-Out Decision: A Direct Approach Using a New Panel Study." American Economic Review, 98(5): 2163-84.

DOI: 10.1257/aer.98.5.2163

Abstract

A serious difficulty in determining the importance of credit constraints in education arises because standard data sources do not provide a direct way of identifying which students are credit constrained. This paper differentiates itself from previous work by taking a direct approach, made possible by unique longitudinal data from the Berea Panel Study. The results from our study of Berea College students suggest that, while credit constraints likely play an important role in the drop-out decisions of some students, the large majority of attrition of students from low-income families should be primarily attributed to reasons other than credit constraints. (JEL I21, I22)

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Authors

Stinebrickner, Ralph (Berea College)
Stinebrickner, Todd (U Western Ontario)

JEL Classifications

I21: Analysis of Education
I22: Educational Finance