New evidence on how students' choice of postsecondary institution is sensitive to grant aid offers from the colleges and universities. Institutional aid sensitivity is largest for students from the least wealthy families but does not vary by race/ethnicity or measured academic ability. A technical appendix is included.

Concerns about rising tuition and how students can afford to finance their major investments in postsecondary education are widespread. Solid insights into these questions require accurate and up-to-date information about prices. "Trends in College Pricing, 2013" reports on the prices charged by colleges and universities in 2013-14, how…