NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Where Do Students Go when For-Profit Colleges Lose Federal Aid?

Stephanie R. Cellini, Rajeev Darolia, Lesley J. Turner

NBER Working Paper No. 22967
Issued in December 2016, Revised in April 2018

---- Acknowledgments ----

We thank Mary Ann Bronson, Celeste Carruthers, David Deming, staff at the Federal Reserve Bank of Philadelphia, and seminar participants from the AEA annual meeting, Bureau of Labor Statistics, Washington DC Economics of Education Working Group, APPAM annual meeting, AEFP annual meeting, University of Missouri, University of Kentucky, Syracuse University, and the Federal Reserve Bank of Cleveland Policy Summit for useful discussions and comments. John Soriano, Andrew Sullivan, and Heath Witzen provided excellent research assistance. This paper is based upon work supported by the Association for Institutional Research, the National Science Foundation, the National Center for Education Statistics, and the National Postsecondary Education Cooperative under Association for Institutional Research Grant Number RG14-5352. Over the past three years, other research on for-profit colleges by Cellini has been funded by the Smith Richardson Foundation and the George Washington Institute of Public Policy. She has at various times served as a consultant or expert in investigations and litigation involving for-profit institutions. Opinions reflect those of the authors and do not necessarily reflect those of the granting agencies or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Stephanie R. Cellini ----

I have received financial support from the Association for Institutional Research for this research. Over the past three years, other research on for-profit colleges has been funded by the Smith Richardson Foundation and the George Washington Institute of Public Policy. I have at various times served as a consultant or expert in investigations and litigation involving for-profit institutions.

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