Universal Place-Based Scholarships: Assessing the Cost-Effectiveness of Alternate College Promise Programs in Three States

• In Event: Sheraton Roundtable Session Seven
  In Roundtable Session: The Landscape and Outcomes of Student Financial Aid Systems (Table 4)

Abstract

Over the last two decades, the number of college promise programs has increased remarkably across the nation. Promise programs provide guaranteed postsecondary scholarships to K-12 students under a set of requirements or eligibility criteria. Whether this financial aid policy can increase college access and completion in a way that is both effective and efficient merits further estimation. We analyze the cost-effectiveness of three Place-Based Scholarship (PBS) programs, the Kalamazoo Promise, El Dorado Promise, and Say Yes Buffalo. We investigate the total and per-student annual cost to implement each program, synthesize estimates of effectiveness on college enrollment and attainment, and calculate cost-effectiveness ratios. The study offers new evidence on whether college promise programs are an effective use of resources.

Authors

• Lu Xu, University of Washington
  Presenting Author

• David S. Knight, University of Washington
  Non-Presenting Author