Table 1

Descriptive Statistics

	1976 Cohort				1989 Cohort
	Full Sample		Black and Hispanic		Full Sample		Black and Hispanic
	Mean	Standard Deviation	Mean	Standard Deviation	Mean	Standard Deviation	Mean	Standard Deviation
Dependent variables: Earnings measures, 2007 dollars
Log 2007 earnings	11.53	1.07	11.29	0.81	11.41	1.21	11.21	0.73
2007 annual earnings	183,411	711,803	119,861	242,161	139,698	359,255	98,472	107,852
Log (median 1993 through 1997 earnings)	11.30	0.847	10.78	1.02
Log (median 1993 through 1997 earnings)	11.48	1.022	11.00	1.19
Median of 1993 through 1997	106,638	148,615	70,760	77,178
earnings Median of 2003 through 2007 earnings	164,009	489,647	102,714	211,876
Regression control variables
Average school SAT/100	11.58	1.22	10.95	2.00	12.0	1.4	11.54	1.45
Average SAT score of schools applied to/100	11.40	1.20	10.73	1.83	11.9	1.4	11.33	1.33
Student SAT/100	11.61	1.89	9.46	2.15	12.1	2.6	10.24	2.20
Student SAT is missing	0.05	0.24	0.07	0.26	0.00	0.09	0.02	0.16
Log net tuition	7.66	0.55	7.69	0.47	8.95	0.73	8.97	0.41
Barron’s index	3.34	1.20	3.32	1.19	4.19	1.13	3.74	1.21
Female	0.43	0.56	0.53	0.51	0.45	0.72	0.51	0.50
Black	0.06	0.27	0.88	0.33	0.08	0.40	0.74	0.44
Hispanic	0.01	0.10	0.12	0.33	0.03	0.24	0.26	0.44
Asian	0.02	0.16	0.00	0.00	0.08	0.40	0.00	0.00
Other race	0.04	0.22	0.00	0.00	0.00	0.10	0.00	0.00
High school GPA, 4 point scale	3.57	0.36	3.37	0.44	3.62	0.36	3.49	0.36
High school GPA missing	0.37	0.54	0.40	0.50	0.61	0.71	0.59	0.49
Predicted parental income	9.98	0.39	9.70	0.42	11.05	0.54	10.82	0.45
Student athlete	0.07	0.29	0.06	0.23	0.08	0.39	0.06	0.23
Applications submitted
0 additional	0.37	0.48	0.38	0.49	0.29	0.45	0.31	0.46
1 additional	0.22	0.42	0.24	0.44	0.20	0.58	0.21	0.41
2 additional	0.21	0.41	0.21	0.41	0.22	0.60	0.22	0.42
3 additional	0.15	0.36	0.14	0.35	0.23	0.61	0.21	0.41
4 additional	0.04	0.22	0.03	0.17	0.07	0.38	0.05	0.21
Sample size (unweighted)	12,075		1,167		6,479		1,508

Source: Data from the C&B Survey and Detailed Earnings Records from the Social Security Administration.
Notes: Means are weighted to make the sample representative of all students in the C&B institutions. Means for the regression control variables for the 1976 cohort reflect the sample used in the 1993–97 earnings regression (reported in Table 5). Means for the 1989 cohort reflect the sample used in the 2007 earnings regression (as reported in Table 7). Earnings means exclude those with annual earnings below the minimum wage threshold (equivalent to $13,822 in 2007 dollars).