A low education mobility can be a source of misallocation of skills and may have an impact on growth. This paper studies one driver of education mobility: misperceptions in the affordability to education. In order to understand how it affects endogenous growth and inequality, I build a dynamic heterogeneous households’ life-cycle model. The model incorporates endogenous education choice, intergenerational inheritance of ability and innovation through the choice to become a researcher. Lower misperceptions in the affordability of education leads to a higher GDP growth and to lower income inequality because the wage premium between researchers and workers is reduced.