This study examined, over a 3-year period, the ability of financial assistance for minority students to bridge the gap between generic higher education and the high-prestige, high-cost institutions that are associated with long-term economic benefits to graduates. Applying a variation of the status attainment model to data for the 1989-1990 National Postsecondary Student Aid Survey and its 1992-1993 successor, equity of school choice was examined among various ethnic groups. Over the three year period, average family incomes for Blacks and Hispanics declined while White and Asian family incomes increased. All groups averaged higher amounts of student financial aid with the largest gains for Asians, then Blacks, Hispanics, and Whites. The existence of grants appeared to be encouraging particularly for Blacks and Hispanics, who "buy-up" in the college-price hierarchy. Loans had a lesser influence on college selection by price. Although, educational goals were the most important variable for all groups of the decision to attend a four-year versus two-year institution, financial aid made some difference in choice of institution Financial aid made more impact in 1993 than 1990, enabling all four groups to spend more on tuition. The analysis shows the importance of financial aid in widening a student's choice regarding both tuition spending and institutional level. (Contains 39 references.) (JLS)