David M. Linsenmeier (Princeton University) Harvey S. Rosen (Princeton University and NBER) Cecilia Elena Rouse (Princeton University and NBER)
Abstract
We study the effects of a change in financial aid policy introduced by an anonymous university in 1998. Prior to that time, the university's financial aid packages for low-income students consisted of grants, loans, and campus jobs. After the change, the entire loan portion of the package for low-income students was replaced with grants. We find the program increased the likelihood of matriculation by low-income students by approximately 3 percentage points, although the effect is not statistically significant. The effect among low-income minority students was between 8 and 10 percentage points and statistically significant at the 10% level. Copyright (c) 2006 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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