A survey of applicants accepted to a major research university who chose to enroll elsewhere revealed that the respondents generally were motivated by noneconomic considerations. Among the most sought-after applicants, however, academic scholarships and other forms of financial aid were more likely to have influenced the applicants' college choice process, putting the institution with minimal non-need-based financial aid at a competitive disadvantage.
Muffo, John A.
"Market Segmentation in Higher Education: A Case Study,"
Journal of Student Financial Aid: Vol. 17
, Article 3.
Available at: https://publications.nasfaa.org/jsfa/vol17/iss3/3