↵Notes: Standard errors robust to heteroskedasticity are in brackets. *p < 0.10, **p < 0.05, ***p < 0.01. Outcome timing is since high school graduation. Regressions include dummies for after the Promise, individual (pseudo-)eligibility, sex, race/ethnicity, free/reduced-price lunch status, and high school of graduation-by-graduation year. The mean of the dependent variable is for eligibles in the pre-Promise period. In Column 1, prior to 2006, eligibility is based on Promise rules had the Promise been in effect at the time (rules-based eligibility). After 2006, eligibility is taken from Promise administrative records (observed eligibility). Column 2 always uses rules-based eligibility. Column 3 rescales Column 2 by the first-stage coefficient. This first- stage coefficient is obtained, for the post-Promise period, by regressing observed eligibility on rules-based eligibility (and the same covariates as above). The first-stage coefficient in Panel A is 0.690, 0.679 in Panel B, and 0.685 in Panel C; see Appendix Table A.5, Columns 2–4. The first-stage F-test statistic is 1,153 in Panel A, 953 in Panel B, and 819 in Panel C. The p-values are from a Hausman test of equality of the OLS and IV estimate.