Higher education financing and the educational aspirations of teenagers and their parents |
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| Institution: | 1. Royal Holloway, University of London and IZA, United Kingdom;2. Royal Holloway, University of London, IFS and CESifo, United Kingdom;3. University of Rochester, United States;1. Department of Economics, University of Illinois at Chicago;2. Urban Institute Health Policy Center;1. Centre for Health Economics, Monash University;2. School of Business, University of Wollongong;3. Economics Discipline Group, University of Technology Sydney;1. Overseas Development Institute, 203 Blackfriars Rd, London SE1 8NJ, UK;2. European Bank for Reconstruction and Development, One Exchange Square, London EC2A 2JN, UK;1. University of Mannheim, Department of Economics, Office 326, L7, 3-5, Mannheim, 68161, Germany;2. University of Essex, Department of Economics, Wivenhoe Park, Colchester, CO4 3SQ, United Kingdom |
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| Abstract: | We study the impact of higher education financing on the academic aspirations of teenagers and their parents. We exploit a reform which introduced a large increase in the tuition fees universities can charge, more generous support for the poorest students and a more redistributive student loan system, and varied across the UK’s constituent countries. Using rare survey data on post compulsory secondary and university education aspirations, we find that teenagers’ aspirations are not responsive to large changes in higher education financing. In contrast, parents adjust their aspirations, resulting in a reduction of the socio-economic aspiration gap for their children. |
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