Success in higher education is commonly defined by a student’s persistence (i.e., continued enrollment in the institution), progression (i.e., successful accrual of credit hours), and timely graduation. The administration of financial aid to college students has been shown to facilitate such student success. Financial aid for higher education consists of both need- and merit-based aid, in such forms as grants, loans, tuition remission, and private or institutional scholarships. Yet, between the years of 1995 and 2005, colleges and universities increased the total dollar amount spent on student aid by 95%. Grant contributions rose 89%, and, due to the marked increase in scholarships funded directly by individual institutions, schools were fiscally responsible for 41% of these expenditures. Therefore, pecuniary variables, particularly institutionally funded scholarships, may play an increasingly large role in attempts to support student success in higher education.