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Research ArticleArticles

What's Happened to the Price of College?

Quality-Adjusted Net Price Indexes for Four-Year Colleges

Amy Ellen Schwartz and Benjamin Scafidi
Journal of Human Resources, July 2004, 39 (3) 723-745; DOI: https://doi.org/10.3368/jhr.39.3.723
Amy Ellen Schwartz
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Benjamin Scafidi
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Abstract

In this paper we estimate hedonic models of the (consumer) price of college to construct quality-adjusted net price indexes for U.S. four-year colleges, where the net price of college is defined as tuition and fees minus financial aid. For academic years 1990–91 to 1994–95, we find adjusting for financial aid leads to a 22 percent decline in the estimated price index for all four–year colleges, while quality adjusting the results leads to a further, albeit smaller, decline. Nevertheless, public comprehensive colleges, perhaps an important gateway to college for students from low-income backgrounds, experienced the largest net price increases.

  • Received June 2001.
  • Accepted February 2003.

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Journal of Human Resources
Vol. 39, Issue 3
1 Jul 2004
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What's Happened to the Price of College?
Amy Ellen Schwartz, Benjamin Scafidi
Journal of Human Resources Jul 2004, 39 (3) 723-745; DOI: 10.3368/jhr.39.3.723

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What's Happened to the Price of College?
Amy Ellen Schwartz, Benjamin Scafidi
Journal of Human Resources Jul 2004, 39 (3) 723-745; DOI: 10.3368/jhr.39.3.723
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