This study investigates how the expectations of different types of financial aid affect the student college choice process from application through enrollment. We find that students from different race and income groups respond differentially to aid packages in their application and enrollment decisions depending on their levels of aid expectations. In application behavior, Asians at all income levels increase their likelihood of application at a greater rate in response to an increase in their aid expectations than other racial groups. Simulations indicate that enrollment probabilities decline more for African American and Hispanic students than whites and Asians when they expect to receive financial aid but do not. The findings suggest the particular importance of financial aid packages in the college choice process for underrepresented minority students.