NBER WORKING PAPER SERIES DOES FEDERAL STUDENT AID RAISE TUITION? NEW EVIDENCE ON FOR-PROFIT COLLEGES Stephanie Riegg Cellini Claudia Goldin Working Paper 17827 http://www.nber.org/papers/w17827 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2012 We thank the many individuals at the state for-profit regulatory agencies of FL, MI, MO, TN and WI who helped us access the data for this project. We are grateful to Dana Hecht and Jason Poulos for excellent research assistance and to Latika Chaudhary, Larry Katz and Lesley Turner for helpful comments. Suggestions received from participants at the NBER Education Program Meeting have made this a better paper. We are especially grateful to Lesley Turner for providing data on Pell Grant recipients by institution. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w17827.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Stephanie Riegg Cellini and Claudia Goldin. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.