Do no-loan policies change the matriculation patterns of low-income students?

We examine whether there is discernable variation in the matriculation patterns of lowincome students at public flagship institutions around changes in institutional financial-aid policies that target resident, low-income students with need-based aid. Overall, our results suggests that need is not being met on the extensive margin and that enrollment levels actually fall with the introduction of targeted aid. However, the enrollments ofmore-needy students tend to fall less and students matriculating to aid-innovating institutions tend to have more financial need after the introduction of income-targeted aid. This suggests that 21