College-provided scholarships, or tuition discounts, are in the news. The National Association of College and University Business Officers recently estimated that the average discount for full-time, first-year undergraduates at private nonprofit colleges and universities hit 50 percent in the fall of 2017. In other words, these institutions…

One of the major developments in financing undergraduate education in the United States in the past 20 years has been the introduction of broad-based merit-aid programs by state governments. The typical program waives tuition and fees at public colleges and universities for state residents who have attained a respectable grade-point average…