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Our instrumental variable approach relies on the imputation of the subject’s precollege state of residence (henceforth, home state)

Our instrumental variable approach relies on the imputation of the subject's precollege state of residence (henceforth, home state)

Second, for individuals who neither attended college nor took the SAT, we impute their home states with the first state available in the credit records

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To construct home states, we proceed in four steps. First, for individuals who took the SAT, we use these individuals' state of legal residence at the time when they took the test, as reported in the College Board data. Fifteen percent of our sample have their home state identified in this manner. A further 28% of the sample have their home state identified in this step. Third, for college attendees who did not take the SAT, we use the state of residence observed in the TransUnion credit records prior to their first enrollment in college, if these data are available. An additional 20% have their home state identified this way. Fourth, for the remaining 37% of the sample-those who enrolled in college prior to their first appearance in the TransUnion credit records-we impute their home state using the state in which http://getbadcreditloan.com/payday-loans-ca the school associated with the first enrollment spell is located. 11

This last step can certainly appear problematic given that it could reflect an endogenous location choice associated with state-level college costs or college quality. However, a case can be made that the state of the first college attended is a reliable indicator of the individual's home state among the subpopulation that did not take the SAT or appear in credit bureau records prior to attending college. ...