The Association published an article on December 19, 2012 on PIRS. We have said that among 11 factors that make up the rating, one can summarize them into three groups which are:
a. College Accessibility (point #1 to 4).
b. College Affordability (combine point # 5 and 6) and
c. College Accountability (combine point#7 to 11).
Utilizing publicly available data, the Association has completed the most recent research on PIRS. We utilize Zellner’s Seemingly Unrelated Regression (SUR) econometric analyses to determine various relationships within different groups of variables or metrics. There are 33150 observations in the data set. But, some of the colleges did not consistently make their data available. In other instances, several of them have changed their names. After the process of cleaning, the number of observations dropped significantly. One may think that these observations are randomly available for completing the analyses. They represent broad locations and type of schools in the US. All type (4, 2-year and others) of colleges from the following states are utilized in these analyses ME, MO, MT, ND, NE, NM, OH, TX, VT and WV. As long as the schools have great quality of data, then their information will be used in this study. All variables with monetary unit have been transformed into constant dollar of 2010. Graduation rate and Pell grant variable are a ratio variable. The estimation results on Affordability Equation are shown below: