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Using the cost-benefits analysis framework, this paper critically examines costs and benefits of ELLs classification and reclassification based on cases of four high-school multilingual students. It further examines their access to academic opportunities, higher education and language and literacy enhancement. The preliminary findings suggest that reclassification functions as a form of liberation, as being reclassified earlier often provides greater academic opportunities and access to higher education. In contrast, the placement in ESL classes creates a double disadvantage: restriction from advanced academic opportunities and failure to provide relevant language and literacy instruction. The pedagogical, policy and research implications will be discussed in relation to equity-oriented educational opportunities, pathways to higher education, and the enhancement of ELLs’ language and literacy skills.