Models 3 and 4 include measures of whether the welfare recipient graduates at the time of her
welfare spell ending or at some other time during the NLSY panel. These variables do not
substantially change the coefficients on the enrollment variables and are statistically insignificant in
both models. This contrasts with findings from bivariate tabulations, which showed that graduating
from college is associated with shorter time on aid than attending but not graduating from college.
Because of the potential endogeneity between graduation and time on aid measures, coefficients for
these variables should be viewed cautiously.