Search
Sections
Sections

This four part series will be published during the weeks of April 12th and April 19th on Mondays and Thursdays. This collection page will be updated as soon as each part is posted.

A graduation cap on top of stacks of USD
Shutterstock / Vitalii Vodolazskyi

When people talk about college financial aid, they usually mean help for students who can’t afford to pay the full “sticker price” to attend. But a large and growing share of financial aid goes to students the financial aid system considers able to pay full price. They do not have “financial need,” according to the financial aid formula. Colleges often call these awards merit scholarships, but they function as discounts—reducing the net price students pay.  

This series by Nonresident Senior Fellow Phillip Levine explores this phenomenon, focusing on 4-year public and private non-profit colleges and universities. Over a series of four reports, it addresses the following questions about financial aid for students without financial need: 

  • Why do colleges offer it?  
  • How widespread is it?  
  • How do institutions use it strategically?  
  • What do these trends imply for public policy?