What impact does a voucher seem to have on educational attainment?
It increased primary school graduation rates by 0.8 percentage points, high school graduation rates by about 3.6 percentage points, increased college-going by 3.1 percentage points, and increased the rate of college graduation (five years in Chile) by 1.3 percentage points. 5) Does a voucher guarantee a 4 year college education? No. In fact vouchers are not available at the college level; they are available only at the school level (till the 12th grade). Still, as mentioned above, vouchers affected the college attendance because as more people graduate from high school more of them go to college. 6) What do you see as the implications of the study? There are implications on the direction of future research and on the policy side. This study answers some of the most important questions in this area about the long term effects of vouchers but it also raises some additional questions. One such question is: we find that the labor market returns to schooling (that is how much extra money on
