The notion of free college is appealing to students and families, particularly those who struggle to manage climbing college prices. The promise of "free" can encourage low-income or first-generation students to enroll in college when the fear of high prices may deter them otherwise. But what does "free" actually mean? Who benefits from these programs and by how much? Are they designed to advance equity and expand college opportunities for more low-income students? The Institute for Higher Education Policy (IHEP) shares new analysis to answer these questions and inform recommendations for designing free-college programs in ways that raise college-going aspirations and direct limited resources toward the students who need them most. Examining the impact of two prominent free-college programs--the Excelsior Scholarship (New York) and the Tennessee Promise--on three college students with different socioeconomic backgrounds finds that a program's design matters immensely when determining who benefits. This state-level college affordability analysis builds on IHEP's "Limited Means, Limited Options" report, released in 2017 (ED591563).