A meta-analysis of studies that have explored the effect of financial aid to undergraduates on persistence was undertaken. In addition to identifying such studies, research objectives were: to determine the magnitude of the effect of financial aid on student persistence in each study; and to compare the financial aid effect sizes in relation to various study characteristics. Over 500 studies were reviewed for possible inclusion in the meta-analysis, and 62 studies were selected as appropriate. Persistence was measured in a time dimension (e.g., 1 year, graduation in 4 years). In addition to combining the results of all the studies, the first meta-analysis contained a diverse sample of studies, including research at public and private colleges and studies examining a particular student population. The second meta-analysis compared studies measuring persistence as graduation from college and studies using less time than graduation. The third meta-analysis considered the effect of financial aid on student persistence in two-year and four-year colleges. The fourth meta-analysis considered the effect of controlling for academic ability (i.e., the ability of aid recipients compared to nonrecipients). Findings are considered in detail. (SW)