Undergraduate financial aid and subsequent alumni giving behavior

We investigate alumni giving behavior during the eight years after graduation with data on 2822 Vanderbilt University graduates. We estimate both the likelihood of making a contribution and the expected gift size, conditional on contributing. The type of financial aid received as an undergraduate appears to have a greater influence on subsequent alumni generosity than the amount received. Adding a scholarship to a loan-only package or eliminating a small loan from a mixed loan-grant package may increase the likelihood of a subsequent contribution.