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Key Findings

• There are still barriers of cost and complexity for lower-income families. Family financial resources continue to be predictive of college graduation rates, even with access to federal and state grants for lower-income families.
• When financial aid is rationed on a first-come first-served basis, it tends to disadvantage older adult students and students with the lowest incomes, who typically apply for financial aid later in the year.
• State policymakers design financial aid programs to target aid where it is needed most, but their decisions under budget and institutional constraints could increase complexity for students. Wherever possible, states should reduce uncertainty in their aid application processes and gather detailed data to support continuous analysis and improvement of aid programs.