Table A.3

IV Promise Effect with Clustered Standard Errors

	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
After × Elig. (IV)	0.071^*	0.023	0.071	0.060	1.41	1.96	3.63	−0.041	0.116^*	−0.029	0.079
	(0.041)	(0.036)	(0.052)	(0.052)	(1.83)	(3.03)	(4.41)	(0.048)	(0.066)	(0.034)	(0.059)
	[0.057]	[0.055]	[0.053]	[0.054]	[2.27]	[3.41]	[4.63]	[0.043]	[0.060]	[0.032]	[0.053]
Number of clusters	33	33	33	33	30	27	24	24	18	24	18

↵Notes: The table compares the baseline standard errors estimates (in parentheses) to standard errors clustered by high school × cohort (in brackets). All regressions include dummies for after the Promise’s introduction, individual (pseudo-)eligibility, and graduation year. Other controls are sex, race/ethnicity, free/reduced-price lunch status, and high school of graduation-by-graduation year.