Human capital production is central to economic wellbeing from a national perspective: it improves productivity, spurs technological innovation, and promotes sustainable economic growth over time. Equally important, investments in human capital are central to economic wellbeing at the individual level. College graduates tend to earn more money,…

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2019 "Agency Financial Report" (AFR) is to inform Congress, the President, other external stakeholders, and the American people on how the Department used the federal resources entrusted to it to promote student achievement and preparation for…

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2018 "Agency Financial Report" (AFR) is to inform Congress, the President, other external stakeholders, and the American people on how the Department used the federal resources entrusted to it to promote student achievement and preparation for…

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2017 "Agency Financial Report" (AFR) is to inform Congress, the President, other external stakeholders, and the American people on how the Department used the federal resources entrusted to it to promote student achievement and preparation for…

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2016 "Agency Financial Report" (AFR) is to inform Congress, the President, and the American people on how the Department has used the federal resources entrusted to it to promote achievement and preparedness of students entering a global…

In higher education, three generally recognized rationales for federal involvement in financial aid exist: (1) Promoting equality of opportunity: Those from poor households are less likely to attend college for a variety of reasons; (2) Credit market imperfections: Students may not have access to the credit needed to make profitable investments in…

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2015 "Agency Financial Report" (AFR) is to inform Congress, the President, and the American people on how the Department has used federal resources entrusted to it to promote achievement and preparedness of youth entering a global environment by…

This paper presents the Federal Student Aid Annual Report for 2010. Federal Student Aid experienced an extraordinary year in 2010. The passage and enactment of the Health Care and Education Reconciliation Act of 2010 ushered in sweeping reforms to the federal student financial assistance programs, resulting in tens of billions of dollars in…

Access to higher education in the United States is increasingly on the public policy agenda as funding constraints affect the realization of college attendance for many middle and low-income students. We use the Pell Grant as a proxy for low-income participation, and the percent of undergraduate students receiving a Pell Grant (Pell Prevalence…

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2014 "Agency Financial Report" (AFR) is to inform Congress, the President, and the American people on how the Department has used federal resources entrusted to it to promote achievement and preparedness of youth entering a global environment by…

The purpose of the United States Department of Education's (the Department) FY 2013 "Agency Financial Report" (AFR) is to assist Congress, the President, and the American people to assess the Department's stewardship over resources with which it is entrusted. This annual report is required by legislation and complies with the…

The United States Department of Education's (the Department's) "Agency Financial Report" (AFR) for fiscal year (FY) 2012 provides an overview of the Department's financial performance and results and detailed information about the Department's stewardship over the financial resources entrusted to it. Additionally, as required by the…

As Congress debates the reauthorization of the Higher Education Act (HEA), it should heed Friedrich Hayek's warning that democracy is "peculiarly liable, if not guided by accepted common principles, to produce over-all results that nobody wanted." One result of the federal government's student financial aid programs is higher tuition…