The authors thank the Center for Connecticut Education Research Collaboration for financial support in conducting this research and the Connecticut State Department of Education for both providing administrative data and advice on the usage of the data. We are especially grateful to Morgaen Donaldson and Alexandra Lamb at the Center for Connecticut Education Research Collaboration and Ajit Gopalakrishnan and Brianna Hennessy for feedback on this research, as well as to Rajashri Chakrabarti and other seminar participants at the New York Federal Reserve Bank Education Seminar. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.