– The findings reveal that increased costs due to tuition differentials policies are initially offset by financial aid, but over time costs increase, particularly for low-income students.
– The net price for each category of students was lowest in their first year of study (1999-2000), and in general, students’ net price increased each academic year for the first four years of study, and then reduces considerably in the fifth year, before increasing dramatically in the sixth year.
– Low-income students experience a greater percent change in net price than other students in the first four years of study. For instance, Pell Grant recipients’ net price in 2000-2001 was over 40% higher than the previous year, where as non-Pell Grant recipients experienced an increase in net price of less than 20%.
– Engineering students, regardless of income status, had fewer loans as compared to non-Engineering students.
– Few differences are found between the six-year graduation rates of students by socio-economic status, and whether or not they initially majored in Engineering or completed a degree in Engineering.
– The results highlight the need for comprehensive, time-sensitive financial aid packages that provide students opportunities to complete their postsecondary degrees, particularly in fields with higher tuition rates.