Using a longitudinal, state-wide dataset, this study assessed the effect of financial aid on the persistence of full-time students in associate's degree programs at the Oklahoma community colleges. Three financial-aid sources were examined: the Oklahoma Higher Learning Access Program (OHLAP), Pell grants, and Stafford loans. Results indicate that these forms of financial aid, alone and in combination, were predictors of persistence measured in terms of the student progressing from 1st-year status to 2nd-year status. The effect of financial aid, however, was moderated by ethnicity and income. (Contains 6 tables and 1 figure.)