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C, we run another placebo test to directly check this concern Despite these data limitations, when we ran estimates using total nonmortgage debt (measured at age 23 or 24, with the estimation sample restricted to the population for whom these data were available) as the endogenous variable, we get similar results of the effect of the marginal dollar of debt on homeownership. 16 The full tables of results for our various specifications are presented in the appendix. The first stage is somewhat stronger, with a $1,000 increase in tuition causing an additional $200 to $350 dollars in total debt, as opposed to a range of about $100 to $200 in Table 3. In the second stage, estimates are somewhat attenuated relative to those in Table 4.