This study examines how institutional expenditures and grants (student financial aid) relate to retention and graduation. It looks at this relationship over a 10-year period and examines differences between institutions with low- and high-admissions selectivity standards. In general, expenditures for institutional grants positively contributed to retention and graduation rates except at high-selectivity institutions, where institutional grants did not significantly contribute to retention and graduation rates.
Gansemer-Topf, Ann M. and Schuh, John H.
"Institutional Grants: Investing in Student Retention and Graduation,"
Journal of Student Financial Aid: Vol. 35
, Article 1.
Available at: https://publications.nasfaa.org/jsfa/vol35/iss3/1