Financial Aid Packages and College Enrollment Decisions: An Econometric Case Study
We study the effects of a change in financial aid policy introduced by a Northeastern 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 was replaced by grants. We find the program increased the likelihood of matriculation by low income students by three percentage points, although the effect is not statistically significant. The effect among low income minority students was about twice that size and statistically significant at the ten percent level.
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