College departure involves multiple mobility patterns that include lateral transfer (from a four-year to another four-year institution), reverse transfer (from a four-year to a two-year institution), and stop out (taking time out of higher education altogether). This study addresses how financial aid influences the likelihood of such mobility patterns for minority and low-income students. Utilizing data from the Education Longitudinal Survey of 2002, this study found that the effects of financial aid on multiple mobility patterns are similar across students of different income groups. By contrast, non-white students benefit significantly from financial aid, particularly from low-burden aid options (e.g., tuition waivers and grants) in lowering the probability of lateral transfer. No financial aid has a significant effect on changing the likelihood that students reverse transfer or stop out. (Contains 5 tables.)