|Benefit-Cost Summary Statistics Per Participant|
|Taxpayers||$705||Benefits minus costs||$2,418|
|Participants||$1,660||Benefit to cost ratio||$5.11|
|Others||$1,197||Chance the program will produce|
|Indirect||($556)||benefits greater than the costs||64 %|
|Net program cost||($589)|
|Benefits minus cost||$2,418|
|Detailed Monetary Benefit Estimates Per Participant|
|Benefits from changes to:1||Benefits to:|
|Labor market earnings associated with higher education||$1,227||$2,703||$1,197||$0||$5,127|
|Costs of higher education||($522)||($1,043)||$0||($262)||($1,826)|
|Adjustment for deadweight cost of program||$0||$0||$0||($294)||($294)|
|Detailed Annual Cost Estimates Per Participant|
|Annual cost||Year dollars||Summary|
|Program costs||$504||2006||Present value of net program costs (in 2016 dollars)||($589)|
|Comparison costs||$0||2016||Cost range (+ or -)||30 %|
|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|
|College grade point average^||18||1||54||0.047||0.157||19||0.047||0.157||19||0.089||0.573|
|Persistence into 2nd year||18||4||671||0.143||0.071||19||0.143||0.071||19||0.269||0.005|
|Persistence into 3rd year||18||1||181||0.087||0.140||20||0.087||0.140||20||0.164||0.243|
|Persistence into 4th year||18||1||94||0.092||0.194||21||0.092||0.194||21||0.173||0.374|
|Persistence within 1st year||18||3||332||0.298||0.185||18||0.298||0.185||18||0.377||0.012|
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