We conduct the first long‐term experimental evaluation of a need‐based financial aid program, the privately funded Wisconsin Scholars Grant. Over multiple cohorts, the program failed to increase degree completion and graduate school enrollment up to 10 years after matriculation. The program did reduce time‐to‐degree for some students and modestly increased the number of STEM degrees earned. The lack of robust effects raises important questions about the conditions necessary for financial aid to benefit students.

中文翻译：

---

基于需求的财政援助影响的实验证据：威斯康星州学者资助的纵向评估

我们对基于需求的经济援助计划进行了首次长期实验评估，即私人资助的威斯康星州学者资助计划。在多个队列中，该计划未能在入学后 10 年内提高学位完成率和研究生入学率。该计划确实减少了一些学生获得学位的时间，并适度增加了 STEM 学位的数量。缺乏强有力的影响引发了关于经济援助使学生受益的必要条件的重要问题。