In “Policies and Payoffs to Addressing America’s College Graduation Deficit,” Christopher Avery, Jessica Howell, Matea Pender, and Bruce Sacerdote perform a timely, relevant, and illuminating cost-benefit analysis among competing proposals to increase college-going and completion. In their analysis they are clear about the question and the goal: what is the most efficient way to increase graduation rates at public four-year institutions? The short answer is: raising per-pupil instructional spending at public institutions. Relevant to current policy debates, providing free community college does not have the downstream effect of raising BA graduation rates.
https://www.brookings.edu/blog/up-front/2019/09/05/the-most-cost-effective-ways-to-increase-college-graduation-rates/
