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Research ArticleArticles

The Role of Parental Wealth and Income in Financing Children’s College Attendance and Its Consequences

View ORCID ProfileV. Joseph Hotz, View ORCID ProfileEmily E. Wiemers, Joshua Rasmussen and Kate Maxwell Koegel
Journal of Human Resources, November 2023, 58 (6) 1850-1880; DOI: https://doi.org/10.3368/jhr.1018-9828R2
V. Joseph Hotz
V. Joseph Hotz is the Arts & Sciences Distinguished Professor of Economics at Duke University ([email protected]).
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Emily E. Wiemers
Emily E. Wiemers is an associate professor in the Department of Public Administration and International Affairs and research associate at the Aging Studies Institute and Center for Aging and Policy Studies at Syracuse University ([email protected]).
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Joshua Rasmussen
Joshua Rasmussen is an associate at Energy GPS.
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Kate Maxwell Koegel
Kate Maxwell Koegel is an associate at Cornerstone Research.
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ABSTRACT

This work examines the influence of parental wealth and income on children’s college attendance and parents’ financing decisions and on whether children graduate from college. We also examine whether parental financing affects the subsequent indebtedness of parents and children. We find that higher levels of parents’ wealth and income increase the likelihood that children attend college with financial support relative to not attending college and that parental wealth increases the likelihood that children graduate from college. We show descriptive evidence that parents’ financing of their children’s college attendance increases parents’ subsequent indebtedness but does not reduce their children’s indebtedness, including their student loan debt.

JEL Classification:
  • J24
  • J10
  • I24
  • Received October 2018.
  • Accepted July 2021.
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Journal of Human Resources: 58 (6)
Journal of Human Resources
Vol. 58, Issue 6
1 Nov 2023
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The Role of Parental Wealth and Income in Financing Children’s College Attendance and Its Consequences
V. Joseph Hotz, Emily E. Wiemers, Joshua Rasmussen, Kate Maxwell Koegel
Journal of Human Resources Nov 2023, 58 (6) 1850-1880; DOI: 10.3368/jhr.1018-9828R2

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The Role of Parental Wealth and Income in Financing Children’s College Attendance and Its Consequences
V. Joseph Hotz, Emily E. Wiemers, Joshua Rasmussen, Kate Maxwell Koegel
Journal of Human Resources Nov 2023, 58 (6) 1850-1880; DOI: 10.3368/jhr.1018-9828R2
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  • Article
    • ABSTRACT
    • I. Introduction
    • II. The PSID Data
    • III. Effects of Parental Wealth & Income on Children’s College Attendance, Financing, and Graduation
    • IV. Consequences of Parental Financing Decisions for Parents’ and Child’s Subsequent Indebtedness
    • V. Conclusion
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    • References
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Keywords

  • J24
  • J10
  • I24
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