Many students use financial aid to pay for their collegiate education, specifically gift aid and student loans. While gift aid is free, it has not kept up with increasing college costs, which has led to borrowing student loans. Students believe borrowing loans are an investment in their employment goals (Baker et al., 2017; Dwyer et al., 2012; Jackson & Reynolds, 2013; McKinney et al., 2015; Pyne & Grodsky, 2020; Robb et al., 2012; Zhan, 2014; Zhan et al., 2018). However, students must repay their loans to avoid adverse credit implications regardless of amount borrowed. This has resulted in questions about the impact of loans on retention from the public (Baker et al., 2017; Britt et al., 2017; Dwyer et al., 2012; Herzog, 2018; Robb et al., 2012; Zhan, 2014; Zhan et al., 2018). Moreover, significant differences exist in retention across race and family income. These current issues: rising education costs, increased reliance on student loans, and disparities in retention are forming a catalyst that will impact higher education. The purpose of this study was to clarify the relationship between financial aid and retention across race and SES. A correlational research design using institutional student records examined this relationship using logistic regression analyses. Interaction effects between financial aid and high school GPA on retention were also studied across race and SES. Pell Grants were negatively associated with lower odds of first-year retention despite race or SES. High school GPA was positively associated with increased odds of retention regardless of race or SES. There were no interaction effects between financial aid and high school GPA for any group. These findings may be useful for policymakers and college administrators to change funding levels and increase student retention to graduation. [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/en-US/products/dissertations/individuals.shtml.]