Summary report: Return on investment of student financial assistance and its effect on the retention of postsecondary graduates in New Brunswick

Abstract

This report examines the return on investment of student financial assistance in New Brunswick, focusing on whether financial aid influences post-secondary enrollment, graduation, and the retention of students after graduation. Drawing on more than ten years of linked administrative data, the study combines student financial aid records with enrollment and graduation data to analyze outcomes across income levels, fields of study, and demographic factors.

Findings show that financial aid supports access to post-secondary education, particularly for students from lower-income neighbourhoods, and is associated with higher graduation rates in some programs. However, no clear link was found between receiving financial aid and remaining in New Brunswick after graduation. This is likely because provincial retention rates are already high, leaving little room for financial aid to have a measurable effect. Overall, these results highlight the importance of financial aid in improving both access to and completion of post-secondary education.