Scholarship aid continues to be crucially important in attracting and retaining students in higher education institutions (Abrahamson & Hossler, 1990; Cabrera, Nora, & Castaneda, 1992; Paulsen & St. John, 1997; Schuh, 2000; St. John, 1992; St. John et al., 1994; Terkla, 1985). Although the general concept and effect of financial assistance is complex, the impact of scholarship aid on college selection and student persistence is significant (Pascarella & Terenzini, 1991; Schuh, 2000; Somers, 1995; St. John et al., 2000; Wilcox, 1991). Strategy in scholarship policy development and the impact of aid policy are subjects worthy of increasing attention at the individual institutional level (Schuh, 2000; Somers, 1996), and the collaborative work of institutional researchers with financial aid and admissions personnel can produce important information for guiding key institutional decisions about financial aid policy (Voorhees, 1997). Institutional researchers can help their institutions to maximize the impact of available scholarship funds, helping both the students and the institution overall in the most effective way. An ongoing study of scholarship offers and matriculation at a public university revealed notable results, with implications for immediate adjustment of scholarship policy and practice, and helping the institution to begin to improve the management of its vitally important scholarship funds. Scholarship management research is an increasingly important realm of study for institutional researchers, and scholarship yield analysis is an area in which the institution can achieve practical results with a reasonably clear application. The purpose of this paper is to introduce scholarship yield analysis and to provide example information and illustrations to help institutional researchers consider undertaking this type of scholarship management research at their respective institutions. (Contains 4 figures.)