We provide evidence about college financial aid from an eight-year randomized trial where high school ninth graders received a $12,000 merit-based grant offer. The program was designed to be free of tuition/fees at community colleges and substantially lower the cost of four-year colleges. During high school, it increased students' college expectations and low-cost effort, but not higher-cost effort, such as class attendance. The program likely increased two-year college graduation, perhaps because of the free college framing, but did not affect overall college entry, graduation, employment, incarceration, or teen pregnancy. Additional analysis helps explain these modest effects and variation in results across prior studies.