Facing the increased demand for accountability, colleges and universities nationwide embarked on various initiatives to increase college attainment. One such effort is the Florida state statute, commonly referred to as excess hour surcharge policy, which was implemented at 12 state universities effective July 2009. The Florida legislature intends to incentivize state university students to graduate in an efficient manner to avoid a surcharge per credit. This quasiexperimental study examines the relationship between the introduction of the surcharge policy and baccalaureate degree attainment at one state university. Utilizing institutional data on freshman admission cohorts from summer 2005 to fall 2011, this correlational study focuses on graduation by students across 14 admission cohorts and also by students admitted into science, technology, engineering, and mathematics (STEM) programs. The researcher chose the specific group of students due to the emphasis placed on STEM degree production by the federal government. The analyses utilized a difference-in-differences approach to estimate the relationship between the surcharge policy and college completion. Overall, the findings suggest that the surcharge policy is positively associated with the likelihood of obtaining a bachelor's degree. Students receiving financial assistance may be less affected by the surcharge policy, because financial aid reduces the cost of a college education. However, the difference-in-differences estimates suggest that the surcharge policy does not have a differential effect on college completion for students who qualify for financial assistance. Additional findings suggest that the surcharge policy does not differentially affect students who were admitted under STEM program but has an important differential impact on college completion rates of out-of-state students who face higher tuition prices. This study offered the first empirical examination of the excess hour surcharge policy at student-level and filled a gap in the literature of higher education policy evaluation. The author concludes this paper by making recommendations for retention programming and future research opportunities to further the understanding of financial policies. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]