Targeting Financial Aid for Improved Retention Outcomes
The potential impact of redistributing state gift aid on student retention among Pell Grant recipients in Louisiana's statewide and regional universities
With public funding for financial aid facing constraints at both the state and federal levels, there is heightened interest in the question: How do strategies allocating financial aid affect student retention and completion? Indeed, a growing body of literature addresses this issue, with most studies suggesting that increasing the size of individual financial aid packages creates relatively modest improvements in student retention.
This paper investigates financial aid policies and approaches affecting public institutions in the state of Louisiana and suggests a research-based approach to leveraging declining state resources in order to enable the greatest possible number of students to complete their postsecondary education. The research revealed:
- In predicting fall-to-fall, same-school retention, high school Grade Point Average was the strongest academic preparation variable.
- Pell Grants help overcome differences in retention rates across income levels among students with equivalent academic preparation.
- After controlling for high school performance, the level of students' Need Met With Gift Aid is associated with retention.
This work was conducted with generous support from the Bill and Melinda Gates Foundation.
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