Table 5.
Overall and Heterogeneity of Treatment Effects on Percent of Students Borrowing, Quasi-Experiment
Unweighted SampleWeighted Sample
(1)(2)(3)(4)(5)(6)
Full sample (N = 1,731) −0.94** −1.22*** −0.24 −1.64** −1.33*** −0.01 
 (0.44) (0.38) (0.45) (0.64) (0.50) (0.52) 
High graduation rate colleges (N = 713) −0.55 −0.80 −0.28 −0.87 −0.81 0.14 
 (0.56) (0.49) (0.61) (0.57) (0.50) (0.58) 
Medium graduation rate colleges (N = 733) −1.02* −0.88 −0.26 −1.98* −0.87 −0.26 
 (0.61) (0.54) (0.63) (1.13) (0.76) (0.88) 
Low graduation rate colleges (N = 578) −2.43** −2.98*** 0.18 −2.23* −2.29** 0.25 
 (1.18) (1.11) (1.35) (1.16) (1.14) (1.30) 
Low default rate colleges (N = 1,385) −0.01 0.16 0.63 −2.22 −0.90 0.50 
 (1.23) (1.37) (1.47) (1.52) (1.56) (1.70) 
High default rate colleges (N = 311) −0.58 −1.14*** −0.39 −1.52** −1.30** −0.18 
 (0.44) (0.37) (0.43) (0.70) (0.50) (0.53) 
Low graduation & high default rate colleges (N = 235) −3.76* −2.67 0.38 −3.64* −2.43 −0.51 
 (2.15) (2.23) (2.57) (2.15) (2.34) (2.42) 
High Pell enrollment colleges (N = 755) −2.07** −1.91** 0.05 −3.43** −2.51** −0.34 
 (0.82) (0.76) (0.91) (1.42) (1.04) (1.19) 
High minority student enrollment colleges (N = 519) −0.35 −0.77 0.37 −2.24 −1.71 −0.47 
 (1.00) (0.86) (0.95) (1.74) (1.30) (1.39) 
High selectivity (N = 711) −0.35 −1.05* −0.70 −1.76 −1.45* −0.54 
 (0.68) (0.62) (0.70) (1.22) (0.84) (0.90) 
College covariates No Yes Yes No Yes Yes 
College-specific linear trends No No Yes No No Yes 
Unweighted SampleWeighted Sample
(1)(2)(3)(4)(5)(6)
Full sample (N = 1,731) −0.94** −1.22*** −0.24 −1.64** −1.33*** −0.01 
 (0.44) (0.38) (0.45) (0.64) (0.50) (0.52) 
High graduation rate colleges (N = 713) −0.55 −0.80 −0.28 −0.87 −0.81 0.14 
 (0.56) (0.49) (0.61) (0.57) (0.50) (0.58) 
Medium graduation rate colleges (N = 733) −1.02* −0.88 −0.26 −1.98* −0.87 −0.26 
 (0.61) (0.54) (0.63) (1.13) (0.76) (0.88) 
Low graduation rate colleges (N = 578) −2.43** −2.98*** 0.18 −2.23* −2.29** 0.25 
 (1.18) (1.11) (1.35) (1.16) (1.14) (1.30) 
Low default rate colleges (N = 1,385) −0.01 0.16 0.63 −2.22 −0.90 0.50 
 (1.23) (1.37) (1.47) (1.52) (1.56) (1.70) 
High default rate colleges (N = 311) −0.58 −1.14*** −0.39 −1.52** −1.30** −0.18 
 (0.44) (0.37) (0.43) (0.70) (0.50) (0.53) 
Low graduation & high default rate colleges (N = 235) −3.76* −2.67 0.38 −3.64* −2.43 −0.51 
 (2.15) (2.23) (2.57) (2.15) (2.34) (2.42) 
High Pell enrollment colleges (N = 755) −2.07** −1.91** 0.05 −3.43** −2.51** −0.34 
 (0.82) (0.76) (0.91) (1.42) (1.04) (1.19) 
High minority student enrollment colleges (N = 519) −0.35 −0.77 0.37 −2.24 −1.71 −0.47 
 (1.00) (0.86) (0.95) (1.74) (1.30) (1.39) 
High selectivity (N = 711) −0.35 −1.05* −0.70 −1.76 −1.45* −0.54 
 (0.68) (0.62) (0.70) (1.22) (0.84) (0.90) 
College covariates No Yes Yes No Yes Yes 
College-specific linear trends No No Yes No No Yes 

Notes: Covariates include graduation rate, default rate, tuition and fees, average grant aid per student, admission rate, percent of students sending Free Application for Federal Student Aid to 2+ colleges, total enrollment, percent Pell recipient enrollment, percent underrepresented minority student enrollment (black, Latino, and Native American), and percent female enrollment. Columns 4-6 come from models that include inverse propensity score weights. High Pell colleges defined as those at which >38.4 percent receive Pell grants (sample mean), high minority colleges defined as those at which >20.3 percent are underrepresented minorities (sample mean), and high selectivity colleges defined as those admitting <65.6 percent of applicants (sample mean).

*p < 0.10; **p < 0.05; ***p < 0.01.

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