Three trends affecting financial aid policy have been prominent in the last decade: the shift from grants to loans; the increased gap between the costs of college attendance and the ability of low and middle-income families to pay; and most recently an increased focus on merit aid. Yet, outside of those who work in financial aid and enrollment management offices, little is known about how these trends and other factors affect financial aid and merit aid policy development at the institutional level.; The primary purpose of this qualitative case study is to provide an in-depth understanding of how merit aid policy development occurs at the institutional level and how local context may shape policy. In so doing, the researcher also hoped to illuminate the reasons for the recent rapid growth in merit aid. Six key research questions frame the study. Institutions included in the study are Baccalaureate I institutions located in the Midwest. This study identifies key actors in the development of merit aid policy and addresses factors affecting the development of financial aid and merit aid policy. Data were collected from interviews with senior administrators, internal and archival documents, and other documents publicly available, including the use of several U.S. Department of Education databases. Analyses by case and cross-case are employed. Several theoretical perspectives are used to partially explain the findings including human capital theory, political incrementalism, critical theory, and Kingdon's theoretical model. Conclusions, policy implications, and recommendations for further research are included.
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