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Document Type

Article

Abstract

Having gained popularity over the past two decades, promise programs are a relatively new policy tool aimed at increasing the number of people who earn two-year and four-year postsecondary educational degrees by providing partial or full financial aid. In contrast to other forms of financial aid for postsecondary education, promise programs guarantee funding to students of a specified geographic area, which is sometimes accompanied by merit or need-based requirements. Promise programs differ in design, vary in result, and potentially cause substitution and migration effects. By analyzing several mature promise programs, I identify three fundamental design decisions that policymakers must consider when creating promise programs.

Publication Date

Spring 2021

Journal Title

Major Themes in Economics

Volume

23

Issue

1

First Page

35

Last Page

50

Copyright

©2021 by Major Themes in Economics

Language

en

File Format

application/pdf

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