In this pre-registered study, we analyze the effects of need-based financial aid grant offers on the educational outcomes of low-income college students based on a large-scale randomized experiment (n=48,804). We find evidence that the grant offers increase two-year persistence by 1.7 percentage...

In this paper, we leverage the random assignment of a need-based financial aid grant offer--the Fund for Wisconsin Scholars (FFWS) grant--and several sets of administrative records to provide experimental evidence on the effects of the grant offer on students' in-state employment and earnings....