Rethinking the Traditional Textbook

As college costs have continued to rise, textbooks now average more than $1,200 per student per academic year as of 2020. Traditional textbooks are not only expensive, but also have fixed and frequently outdated content. In this study, we compared pre-service teacher-student outcomes and perceptions of a traditional textbook versus no-cost, online materials such as open educational resources (OER) in an undergraduate Foundations of Education course. Outcomes were measured by comparison of final course grades. Perceptions were determined through quantitative and qualitative survey questions added to existing end-of-course evaluations. Results revealed students found OER and no-cost online materials more useful to their success in the course and more engaging than a traditional textbook. Qualitative analysis further revealed that while students appreciated there was no cost for the online materials, they preferred them to a traditional textbook because of the customized content. Results suggest students find instructor-curated, no-cost online readings more useful and preferable to a traditional textbook without compromising student academic performance.

Leveraging insights from behavioral science and administrative burden in free college program design: A typology

Amid concerns over college affordability, many communities and states have enacted free college programs, and the Biden administration has brought momentum to federal free college discussions. Today, hundreds of college promise programs exist in communities across the country, including at least 20 state-sponsored free college programs. While free college policies have the potential to increase enrollment by reducing college costs, substantial variation in program design likely shapes how effective these programs are at expanding college access and reducing racial and economic disparities. This paper leverages insights from administrative burden and behavioral science to develop a typology of statewide free college programs, offering a framework for examining how policy design reduces (or increases) the burden individuals are likely to incur in receiving free college benefits. To do so, we collected data on design features of free college programs (e.g., eligibility criteria, application procedures, maintenance requirements) and created indices capturing the extent to which each program imposes administrative burden and, conversely, offers behavioral supports to help students navigate the aid process. Our findings offer insight for policymakers as they design free college programs and provide context for researchers examining the effectiveness and equity outcomes of statewide free college programs.

Parental Resources and College Attendance: Evidence from Lottery Wins

We examine US children whose parents won the lottery to trace out the effect of financial resources on college attendance. The analysis leverages federal tax and financial aid records and substantial variation in win size and timing. While per-dollar effects are modest, the relationship is weakly concave, with a high upper bound for amounts greatly exceeding college costs. Effects are smaller among low-SES households, not sensitive to how early in adolescence the shock occurs, and not moderated by financial aid crowd-out. The results imply that households derive consumption value from college, and household financial constraints alone do not inhibit attendance. (JEL G51, I22, I23, I24, I26, I28, J24, J31)

Eventual US rate rises may force budget spending cuts

Subject US debt dynamics. Significance The Federal Reserve (Fed) responded to the debt bubble built up in the United States ahead of the 2008-09 crisis by lowering its main interest rate and buying bonds. The Fed succeeded in the sense that there have been no spectacular failures in recent years, unlike in Europe, where banks have failed despite passing stress tests. The aim was to support credit markets and discipline bad actors, but the policies have largely allowed the federal government to finance deficits cheaply and allowed non-financial businesses to borrow at low rates. Impacts Lower rates for even longer are raising the amount of low-rated debt being taken out with relaxed covenants; concerns could escalate. If rate tightening comes sooner and faster than expected, the government will be pressured to cut borrowing to ward off a credit downgrade. Cancelling student loans and reducing college costs will be a key topic during the 2020 election campaign.

Money Matters: Understanding How Colleges and Universities Use Their Websites to Communicate Information About How to Pay College Costs

This study uses web sphere analysis to examine the usability and usefulness of information that selected 4-year colleges and universities are providing about the costs of attendance via their net price calculators and cost-related websites. Using compliance with current and proposed federal requirements for net price calculators as a starting point, we draw on prior research to identify and explore indicators of the cost-related information that prospective students need, and the extent to which the 80 sampled institutions are providing it. The analyses show that some colleges and universities are not only failing to comply with federal mandates concerning net price calculators but also ignoring their ethical responsibility, as noted by the National Association of College Admission Counseling, “to provide complete, factual, and readily accessible information that will allow students and their counselors to make informed college comparisons and choices.”