This research examines the relationship between financial aid, price, and the enrollment decisions of first-generation college students. Using human capital and socio-cultural theories in conjunction with previous research, the study establishes a conceptual framework to assess how personal, academic, and college variables associate with a student's college choice. With data from the 2015-16 National Postsecondary Student Aid Study, multinomial logistic regression was employed to see how these variables (e.g., grant aid received) relate to the type of institution of which students enroll, ceteris paribus. The descriptive statistics include a comparison between first-generation and non-first-generation students to help provide context on how these groups may select a college differently based on the constructs within the study. The outcome variable or the institution type that the student enrolled in, includes four categories; community college/public 2-year, public 4-year, private nonprofit 4-year, and for-profit, which combined make up more than 99% of the available postsecondary institutions in the U.S. The results suggest that increases in loan or grant aid is related to enrollment in public or private 4-year schools for students in general and that first-generation students are more likely to enroll in a community college over the other institution types than non-first-generation students. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]