Institutional merit-based financial aid awards are widely utilized by enrollment management practitioners to attract and retain students desired by the institution and to increase net tuition revenue. While much research has been conducted on federal need-based aid and statewide merit aid, relatively few studies have been conducted on merit aid…

The allocation of merit-based awards and need-based aid is important to both universities and students who wish to attend the universities. Current approaches tend to consider only institution-centric objectives (e.g. enrollment, revenue) and neglect student-centric objectives in their formulations of the problem. There is lack of consideration to…