Generally, need-based financial aid improves students' academic outcomes (Nguyen, Kramer & Evans, 2019). However, the largest source of need-based grant aid in the United States, the Federal Pell Grant Program (Pell), has a mixed evaluation record (Bettinger, 2004; Rubin, 2011; Marx & Turner, 2018; Park & Scott-Clayton, 2018;…

This article develops a model of household decision-making on educational participation. The model distinguishes between students and parents as decision-makers and assumes the capital market is inaccessible for financing an education. The implications of the model, problems of calculating compensating variation, and an illustrative case are…

This study examined the persistence of and financial aid to needy students, underrepresented minority students, and women students, especially those majoring in science, engineering, and mathematics at a large public research university. An institutional student tracking and student financial aid database was used to follow four freshmen cohorts…

Using institutional data, this paper presents a model to enable researchers and enrollment managers to assess the effectiveness of financial aid packaging policies in light of student characteristics and institutional market position. The model uses discriminant analysis and a series of hypothetical financial aid award scenarios to predict the…