A Methodological Review of Studies on Effects of Financial Aid on College Student Success

Abstract

In the paper the authors first reviewed methodological issues critical to financial aid studies, including measures of financial aid, nature of outcome variables, longitudinal process and contexts of student success, differential aid effects across subgroups and the omitted variable bias (as well as self-selection bias). The limitations incurred by various data sources, and issues related to data availability, quality and reliability are presented. Finally, directions for future research are suggested.