Abstract
To the extent that financial aid policy seeks to affect college-entry patterns, its framers presume that underrepresented minority students respond more favorably to a given financial aid package than other students do. This piece of financial aid dogma has been difficult to prove, for various technical and sampling reasons. This research addresses these problems by analyzing black, Hispanic, and white subpopulations separately, exploiting the sampling design of the High School and Beyond surveys. Black students, the results suggest, do respond more positively than white students to financial aid, all else equal. But financial aid effects on Hispanic students are difficult to distinguish from background effects. These findings imply that financial aid operates both positively and perversely when it is used to equalize college entry across majority and minority populations, and especially that its effects distribute unevenly among minority populations. Uniform financial aid awards probably increase the representation of blacks in higher education; they may actually reduce the relative representation of Hispanics.
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