中文摘要
我们利用从九所大学收集的行政数据，借助大学入学队列内部及不同队列之间院校助学金（IFA）发放方案的差异，估计获得事先未预期到的院校助学金对学生结果的影响。大学第一年每获得1,000英镑的IFA，完成该学年的概率提高1.4个百分点，考试成绩提高0.059个标准差，毕业时获得优良等级学位的概率提高3.4个百分点。我们发现，高能力学生和低收入学生受益最多，并为每所大学分别计算了使学生结果最大化的IFA发放方案和使成本最小化的IFA发放方案。
Abstract
We estimate the effect of an unexpected institutional financial aid (IFA) award on student outcomes using administrative data collected from nine universities, exploiting variation in IFA schedules within and across university-entry cohorts. Each £1,000 of IFA during the first year of college increases the chances of completing that year by 1.4 percentage points, improves test scores by 0.059 standard deviations, and increases the chances of graduating with a good degree by 3.4 percentage points. We find that high-ability and low-income students benefit the most and calculate outcome-maximizing and cost-minimizing IFA schedules for each university.