Do and Should Financial Aid Packages Affect Students' College Choices?
Do and Should Financial Aid Packages Affect Students' College Choices?
This chapter explores whether financial aid packages do or should affect students' college choices. It shows that the fascinating array of scholarships, grants, loans, and work-study programs exists because many parties want to alter meritorious students' college choices. The parties' objectives are diverse—from a purely altruistic desire to relax constraints facing the needy to a college's self-interested desire to enroll high-aptitude students who raise its profile or improve education for other students on campus. Their human capital and abilities are often thought to generate social spillovers. However, the behavior of high-aptitude students is also important purely for reasons of scientific inquiry. They are capable of the largest human capital investments in the nation. Observing them allows one to witness the forces that affect human capital investments at their most highly charged because the stakes are high.
Keywords: financial aid, college choices, scholarships, grants, loans, work-study programs, high-aptitude students, human capital
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