America faces a two-pronged problem in higher education: increasing costs and low completion rates. Despite the recent expansion of federal Pell Grants, many students still are left with unmet financial needs and may drop out of college because of financial concerns, pressing work responsibilities, and fears of taking on too much debt. One idea that may help students pay for college and complete their degrees more quickly is to offer financial aid that rewards academic progress. When budgets are tight and policymakers want to make financial aid more effective, applying performance standards to scholarships that supplement existing federal and state aid or changing the way existing aid is disbursed may be promising approaches. Ideas for helping students pay for college and achieve promising outcomes are discussed in this document.