The Nebraska Opportunity Grant (NOG) program provides financial aid to students who are residents of Nebraska; have not earned a bachelor's, graduate, or professional degree; have high financial need (defined as having an expected family contribution equal to or less than 110% of the maximum family contribution that qualifies students for a…

We study supply-side responses to student financial aid, focusing on how tuition responds to the targeting of aid. Our framework identifies two mechanisms: a direct effect, which raises tuition, and a composition effect, which can lower tuition if aid targets price-sensitive students. Leveraging a reform in Brazil's student loan program, we…

Prior studies of means-testing in college financial aid formulas have analyzed the disincentives to save attributable to the inclusion of assets in the formulas. Such disincentives are only half of a standard incentives--insurance trade-off. When income is uncertain, a financial aid formula that conditions aid on assets and income provides…

In 2021-22, Texas implemented a policy requiring all public high school seniors to complete a financial aid application. This paper examines the early impacts of this requirement on Free Application for Federal Student Aid (FAFSA) completion rates and college enrollment using a difference-in-differences model. First, using a sample of high schools…

Certain statewide promise programs require students to demonstrate financial need, while state performance funding policies sometimes incorporate a financial bonus that incentivizes colleges to enroll or graduate low-income students. We use data on public, 4-year colleges from 2007-2008 to 2019-2020, and incorporate difference-in-differences…

This report examines how enrolled undergraduate students and parents of undergraduates view higher education and how they pay for it. The report considers education funding sources--from parent and student income and savings to scholarships, grants, and borrowed funds--and evaluates trends in payment strategies over time. This 18th edition builds…

This paper studies families' capacity to pay for college in the United States, focusing on changes over time and differences by race and socioeconomic status. I use data from the National Postsecondary Student Aid Study (NPSAS) to document changes over time in the Expected Family Contribution (EFC) from the Free Application for Federal Student Aid…

College is a worthwhile investment for many people. Research shows that attending college is associated with a variety of benefits, including higher earnings, a lower chance of being unemployed, greater job satisfaction, and better health (Oreopoulos and Salvanes 2011). However, these benefits come at a cost. As many current and prospective…

Despite generous financial aid provided by the government for low-income students studying at universities, eligible students are still reluctant to apply for such aid. This study aimed to assess the effects of students' expectations; knowledge, attitudes, and actions toward higher education; financial aid; parental, school, and student…

Each year, millions of students access financial aid to attend postsecondary programs by completing the Free Application for Federal Financial Aid (FAFSA). Completing a FAFSA determines students' eligibility for Pell grants, federal work-study, and federal loans and thus smooths more students' paths to attaining bachelor's and associate degree…

Objective: A growing body of research has examined the relationship between participation in college promise programs (CPP) and student outcomes, including college enrollment, persistence, and completion. However, variation in CPP design limits the extent to which study findings are generalizable. Further, most studies analyze the outcomes of…

This paper studies families' capacity to pay for college in the United States, focusing on changes over time and differences by race and socioeconomic status. I use data from the National Postsecondary Student Aid Study (NPSAS) to document changes over time in the Expected Family Contribution (EFC) from the Free Application for Federal Student Aid…

This paper seeks to enhance understanding of how low-income students navigate financial stress by integrating the asset-based concept of financial well-being and including a focus on the institutional context. Data collected from 378 interviews with students from low-income backgrounds illustrate complex ways that students experience financial…

The Higher Education Act of 1965, as amended, specifies a loan origination fee of 1 percent for all Direct Subsidized Loans and Direct Unsubsidized Loans, and a fee of 4 percent for all Direct PLUS Loans for both parent borrowers and graduate and professional student borrowers. Student loan origination fees, the hidden student loan tax, generated…

The Tuition Assistance Program (TAP) is New York's primary aid program, accounting for 80 percent of state awards to students attending public, private nonprofit, and for-profit higher education institutions in the state. TAP is available to state residents attending two-year or four-year degree granting programs, as well as students attending…