We provide evidence about college financial aid from an eight-year randomized trial where high school ninth graders received a $12,000 merit-based grant offer. The program was designed to be free of tuition/fees at community colleges and substantially lower the cost of four-year colleges. During high school, it increased students' college…

For years Georgia's HOPE Scholarship program provided full tuition scholarships to high achieving students. State budgetary shortfalls reduced its generosity in 2011. Under the new rules, only students meeting more rigorous merit-based criteria would retain the original scholarship covering full tuition, now called Zell Miller, with other students…

We provide theory and evidence about how the design of college financial aid programs affects a variety of high school, college, and life outcomes. The evidence comes from an eight-year randomized trial where 2,587 high school ninth graders received a $12,000 merit-based grant offer. During high school, the program increased their college…

We replicate and extend prior work on Florida's Bright Futures merit aid scholarship to consider its effect on college enrollment and degree completion. We estimate causal impacts using a regression discontinuity design to exploit SAT thresholds that strongly determine eligibility. We find no positive impacts on attendance or attainment, and…