The recent paper on the Kalamazoo Promise, by me and my colleagues Brad Hershbein and Marta Lachowska, found that this program, which provides up to 100% free college tuition for graduates of Kalamazoo Public Schools, increases college completion sufficiently to have very high benefits. The program is estimated to have an annual rate of return of over 11%, and to offer a benefit-cost ratio of over 4 to 1. These benefits are estimated based on the likely higher earnings due to the additional college credentials induced by the Promise’s tuition subsidies. (See previous blog post for a summary of this study and its results.)
These returns are quite high. In my recent book, From Preschool to Prosperity, I estimate that high-quality preschool has a benefit cost ratio of a little over 5 to 1. I also estimate that high-quality child care/pre-K from birth to age 5 for disadvantaged families…
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Utopia, you are standing in it! 
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