Retention among first-time full-time entering freshmen using selected financial aid variables
This study examined the relationships among students who received different types of financial aid to their retention from year one to year two and from year two to year three. A cohort of students at a selected southern, public, four-year university who enrolled as first-time, full-time freshmen in Fall 1997 was used in the regression analysis. Independent variables included age, gender, race, ACT composite score, amount of financial aid received, family contribution and student contribution. Separate analyses were done to measure the total financial aid, federal aid, state aid and institutional aid. In all the hypotheses that used regression analysis, the higher the amount of family contribution or student contribution the less likely the student was to be retained from year one to year two and from year two to year three. Students whose ethnicity was black were more likely to remain in school from year one to year two and from year two to year three. Women who received federal, state or institutional aid were more likely to be retained from year two to year three. Paired sample t-tests were used to compare the differences in financial aid received in year one to year two and in year two to year three. There was no significant difference in the total aid received in year one compared to the aid received in year two. There was a significant difference in the aid received in year two to the aid received in year three. The difference from year two and year three was isolated to federal aid and state aid which were higher in year three than year two. There was no significant difference in institutional aid in year two compared to year three.