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Fewer than 50% of private secondary schools accepted the voucher; non-participating elite schools charged substantially higher tuition and maintained significantly higher teacher-pupil ratios, restricting voucher usage to low-to-middle income private schools.
Among vocational applicants, voucher winners attended schools where peers were 25% less likely to attend college and 33% more likely to drop out. Despite worse peer characteristics, voucher winners experienced a 25% increase in high school graduation likelihood and a 0.33 to 0.66 standard deviation increase in college entrance exam (ICFES) scores.
Administrative restrictions resulted in fewer than 20% of transferring students retaining their vouchers; consequently, 59.6% of voucher winners who applied to vocational schools remained in vocational schools 3 years later compared to only 42.6% of lottery losers.