Abstract
This paper describes how the standard economic constrained maximization model can be applied to improve the efficiency of allocation of subsidies to college students. After a general discussion the model is applied to the allocation of a subsidy to freshman students at the University of California according to equity objectives. This model suggests that student subsidy programs should be based on explicit consideration of student willingness to pay for college in relation to carefully specified enrollment objectives. The administration of such a program would require changes in the currently used financial “need” approach to student subsidy programs. The case is made that the necessary changes are feasible.
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