|Benefit-Cost Summary Statistics Per Participant|
|Taxpayers||($31)||Benefits minus costs||($256)|
|Participants||($81)||Benefit to cost ratio||($2.49)|
|Others||($41)||Chance the program will produce|
|Indirect||($30)||benefits greater than the costs||42 %|
|Net program cost||($73)|
|Benefits minus cost||($256)|
|Detailed Monetary Benefit Estimates Per Participant|
|Benefits from changes to:1||Benefits to:|
|Labor market earnings associated with higher education||($43)||($96)||($46)||$0||($185)|
|Costs of higher education||$13||$15||$5||$6||$39|
|Adjustment for deadweight cost of program||$0||$0||$0||($36)||($36)|
|Detailed Annual Cost Estimates Per Participant|
|Annual cost||Year dollars||Summary|
|Program costs||$65||2009||Present value of net program costs (in 2017 dollars)||($73)|
|Comparison costs||$0||2009||Cost range (+ or -)||50 %|
|Estimated Cumulative Net Benefits Over Time (Non-Discounted Dollars)|
|The graph above illustrates the estimated cumulative net benefits per-participant for the first fifty years beyond the initial investment in the program. We present these cash flows in non-discounted dollars to simplify the “break-even” point from a budgeting perspective. If the dollars are negative (bars below $0 line), the cumulative benefits do not outweigh the cost of the program up to that point in time. The program breaks even when the dollars reach $0. At this point, the total benefits to participants, taxpayers, and others, are equal to the cost of the program. If the dollars are above $0, the benefits of the program exceed the initial investment.|
|Meta-Analysis of Program Effects|
|Outcomes measured||Treatment age||No. of effect sizes||Treatment N||Adjusted effect sizes(ES) and standard errors(SE) used in the benefit - cost analysis||Unadjusted effect size (random effects model)|
|First time ES is estimated||Second time ES is estimated|
|Apply to 4-year college^||17||2||114478||0.110||0.113||18||n/a||n/a||n/a||0.110||0.331|
|Enroll in 2-year college||17||2||63872||0.002||0.023||18||0.002||0.023||18||0.002||0.923|
|Enroll in 4-year college||17||2||63872||-0.003||0.009||18||-0.003||0.009||18||-0.003||0.738|
|File a FAFSA^||17||2||966||-0.070||0.045||18||n/a||n/a||n/a||-0.070||0.126|
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