How Money Helps Keep Students in College: The Relationship between Family Finances, Merit-Based Aid, and Retention in Higher Education
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| Title: | How Money Helps Keep Students in College: The Relationship between Family Finances, Merit-Based Aid, and Retention in Higher Education |
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| Language: | English |
| Authors: | Olbrecht, Alexandre M., Romano, Christopher, Teigen, Jeremy |
| Source: | Journal of Student Financial Aid. 2016 46(1). |
| Availability: | National Association of Student Financial Aid Administrators. 1101 Connecticut Avenue NW Suite 1100, Washington, DC 20036. Tel: 202-785-0453; Fax: 202-785-1487; e-mail: membership@nasfaa.org; Web site: http://www.nasfaa.org |
| Peer Reviewed: | Y |
| Page Count: | 15 |
| Publication Date: | 2016 |
| Document Type: | Journal Articles Reports - Research |
| Education Level: | Higher Education Postsecondary Education |
| Descriptors: | Higher Education, Academic Persistence, Family Income, Parent Financial Contribution, Student Financial Aid, Merit Scholarships, College Freshmen, Cohort Analysis, Maximum Likelihood Statistics, Statistical Analysis, School Holding Power, Predictor Variables, Regression (Statistics) |
| Geographic Terms: | New Jersey |
| ISSN: | 0884-9153 |
| Abstract: | In this paper, we leverage detailed, individual-level student data to understand the relationships between family finances, merit-based aid, and first-year student retention. With three cohorts of student data that comprise family financial status, institutional merit scholarships, and many of the other known correlates of student retention, we regress sophomore retention of first-time, full-time students on the financial variables with controls. We find that an increase in a family's ability to contribute to educational costs improves a student's chances of retention. Additionally, our data show that institutional financial assistance also bolsters the likelihood that students return for their sophomore year. |
| Abstractor: | As Provided |
| Entry Date: | 2016 |
| Accession Number: | EJ1097300 |
| Database: | ERIC |
| Abstract: | In this paper, we leverage detailed, individual-level student data to understand the relationships between family finances, merit-based aid, and first-year student retention. With three cohorts of student data that comprise family financial status, institutional merit scholarships, and many of the other known correlates of student retention, we regress sophomore retention of first-time, full-time students on the financial variables with controls. We find that an increase in a family's ability to contribute to educational costs improves a student's chances of retention. Additionally, our data show that institutional financial assistance also bolsters the likelihood that students return for their sophomore year. |
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| ISSN: | 0884-9153 |
