Financial aid has historically rewarded accomplished students or assisted needy ones. Recent policies reflect a new goal: to increase college enrollment. This research assesses the power of financial aid to change prospective students' minds, and finds it modest. Moreover, most aid intended to attract new students would go to students who would have enrolled without aid
Financial Aid and Student Enrollment
Jackson, GA. (1978). Financial Aid and Student Enrollment. Journal of Higher Education, 49(6), 548-574.