The returns to higher education have increased dramatically in recent decades with the rise of the global, knowledge-based economy. Research shows that the college earnings premium has increased more than 10 percent over the last fifteen years and that the returns to college are concentrated among completers. Despite these benefits, many students who attend college are withdrawing without experiencing the full returns on their investment. For decades financial aid has been a widely utilized policy tool to support college access and attainment, however, given the size of the subsidies and the troubling outcomes of college enrollees, understanding how financial aid impacts student progress to degree completion is critical. In this paper, the author sheds light on an important design consideration of need-based aid programs: "the length of time for which grants should be made available." The findings contribute to the existing literature by estimating the late stage persistence and graduation effects of maintaining eligibility for aid as students near completion. Tables and figures are appended.