Using event history analysis, this study investigated to what extent differentiated forms of aid affected the educational attainment of various student populations with particular interest on the Latinos/as within this emerging settlement state: Indiana. Findings suggest that the effects of aid are moderated by race and ethnicity. State grants, primarily need-based, played a significant if not modest role in encouraging persistence among Latino students, more so than peers from other racial/ethnic groups. No significant direct relationship was found between federal grants and loans for Latino students with respect to graduation.