In recent years, growing numbers of four-year institutions have implemented a new type of need-based financial aid policy directed toward low- and middle-income students. These initiatives--referred to here as Loan Replacement Grant (LRG) programs--greatly reduce or eliminate loans in student aid awards and replace them with grants. This paper…

Using national data from various sources, this study investigates the influence of financial aspects of state higher education policy on college completion. It found that college completion is positively associated with total state grants as a percentage of appropriations of state tax funds for operating expenses of higher education and state…