to a proliferation of financial aid policy in the U.S. and around the world. More students are receiving more aid today … outside the U.S. on the causal impact of a variety of financial aid policies and programs on students' college decisions …

grades. Test score benefits accrue primarily to students from higher-income families, though students with lower family … income or lower prior performance still benefit. Our results suggest that student assignment policies that relocate students … to avoid the over-concentration of lower-achieving students or those from lower-income families can accomplish equity …