Recent work by Mars and Turner (2015) suggests that Pell Grants:

Group of answer choices

a) largely crowd out borrowing for college, creating very little net change in education levels.

b) largely crowd out borrowing for college, creating a significant net change in education.

c) have no significant crowding out effect on borrowing for college, so the net change in education levels is negligible.

d) have no significant crowding out effect on borrowing for college, so the net change in education levels is substantial.