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How Do Financial Aid Policies Affect Colleges? The Institutional Impact of the Georgia HOPE Scholarship

Bridget Terry Long
The Journal of Human Resources
Vol. 39, No. 4 (Autumn, 2004), pp. 1045-1066
DOI: 10.2307/3559038
Stable URL: http://www.jstor.org/stable/3559038
Page Count: 22
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
How Do Financial Aid Policies Affect Colleges? The Institutional Impact of the Georgia HOPE Scholarship
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Abstract

This paper examines the effects of financial aid policies on the behavior of post-secondary institutions. Using the introduction of the Georgia HOPE Scholarship as a natural experiment, it investigates the impact of the policy on college pricing, institution aid, expenditures, and state appropriations. The results suggest that four-year colleges in Georgia, particularly private institutions, did respond by increasing student charges. In the most extreme case, colleges recouped approximately 30 percent of the scholarship award. As a result, the institutional responses reduced the intended benefit of the scholarship and increased the cost of college for nonrecipients.

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