Table A.4

IV Promise Effects without Controlling for Demographic Characteristics

	Enrollment				Credits attempted at			Credentials
Dependent Variable	Within Six Months	Within 12 Months	At Four-Year within Six Months	At Four-Year within 12 Months	Two Years	Three Years	Four Years	Any at Four Years	Any at Six Years	BA/BS at Four Years	BA/BS at Six Years
Panel A: Baseline IV Results with Demographic Controls
After × Elig. (IV)	0.071	0.023	0.071	0.060	1.408	1.961	3.63	−0.041	0.116*	−0.029	0.079
	[0.057]	[0.055]	[0.053]	[0.054]	[2.265]	[3.414]	[4.627]	[0.043]	[0.060]	[0.032]	[0.053]
First-stage coeff.	0.694	0.694	0.694	0.694	0.690	0.679	0.685	0.685	0.707	0.685	0.707
Panel B: IV Results with No Demographic Controls
After × Elig. (IV)	−0.014	−0.085	0.057	0.046	−0.640	−0.292	1.464	−0.038	0.124**	−0.023	0.090*
	[0.060]	[0.060]	[0.053]	[0.054]	[2.406]	[3.626]	[4.872]	[0.044]	[0.061]	[0.032]	[0.054]
First-stage coeff.	0.683	0.683	0.683	0.683	0.679	0.667	0.671	0.671	0.694	0.671	0.694
Panel C: p-Value of Test of Difference between Coefficients in Panel A and Panel B
p-value of difference	0.001	0.000	0.548	0.552	0.081	0.214	0.370	0.786	0.846	0.696	0.734

Notes: The table compares the IV baseline estimates (Panel A) to IV estimates obtained without controlling for demographics (Panel B). Standard errors are in brackets. *p < 0.10, **p < 0.05, ***p < 0.01 All regressions include dummies for after the Promise’s introduction, individual (pseudo-)eligibility, and graduation year.