Audit report on Indian Hills Community College in Ottumwa, Iowa for the year ended June 30, 2007

Audit report on Indian Hills Community College in Ottumwa, Iowa for the year ended June 30, 2007

Les derniers jours de M. Hamon, curé de Saint-Sulpice / par un prêtre de la communauté de Saint-Sulpice...

Comprend : Lettre à l'occasion de la mort de M. André Hamon,... Paris, le 17 décembre 1874

Report on the Iowa College Student Aid Commission for the year ended June 30, 2007

Report on the Iowa College Student Aid Commission for the year ended June 30, 2007

Educational opportunity and the college premium

Since World War II, the United States government has made improved accessto higher education a priority. This e¤ort has substantially increasedthe number of people who complete college. We show that by reducing theeffective interest rate on borrowing for education, such policies canactually increase the gap in wages between those with a college educationand those without. The mechanism that drives our results is the signaling role of education first explored by Spence (1973). We argue that financialconstraints on education reduce the value of education as a signal. Wesolve for the reduced form relationship between the interest rate and thewage premium in the steady state of a dynamic asymmetric information model.In addition, we discuss evidence of decreases in borrowing costs for educationfinancing in the U.S.