Since the fall semester of 2016, first-time international student enrollment (ISE[subscript ft]) has declined at U.S. colleges and universities. This trend disrupts a steady upwards trajectory of ISE[subscript ft] rates. Previous research has demonstrated that various political, social, and macroeconomic factors influence the number of international students studying in the U.S. Exploiting data from the Common Data Set (CDS), I focus on the role financial aid plays as an enrollment predictor for international undergraduate students. A fixed effects model reveals that financial aid is strongly and significantly predictive of ISE[subscript ft], yielding a 1.8% enrollment increase per 10% aid increase, all else equal. Interestingly, financial aid is only predictive of ISE[subscript ft] if it is awarded in substantial amounts. Extending the work of Bicak and Taylor (2020), I also analyze how the effectiveness of financial aid awards varies within different institutional settings. Random effects regressions reveal that rural, low research, and private universities experience considerable marginal ISE[subscript ft] boosts when awarding aid to international students. The findings of this work are primarily directed at institutional leaders who seek to revitalize their institution's ISE[subscript ft] policy. Moreover, these insights may inform local policymakers who seek to incent ISE[subscript ft].