A college degree is often viewed as a key step toward better employment and higher earnings. Many community college students, however, never graduate and cannot reap the financial benefits associated with a college degree. Although existing research suggests that financial aid interventions can modestly improve students' short-term academic outcomes, there is little rigorous evidence on the critical question of whether such interventions improve graduation rates or employment outcomes. This study helps to fill that gap using a randomized controlled trial involving over 2,000 community college students in Ohio. It focuses on a student population composed predominantly of low-income mothers. The study includes four years of post-random assignment data to examine the long-term impact of a performance-based scholarship program--financial aid that is contingent on academic performance--on degree receipt, employment, and earnings. The findings provide evidence that the one-year program made a lasting impact on students' credit accumulation--still evident after four years--and decreased the time it took students to earn a degree, but the study does not provide evidence of impacts on employment outcomes.