Do Credit Momentum Policies Through the Improve Academic Progression and Completion of Low-Income, First-Generation Students? Evidence from a College Promise Program.

Credit momentum policies, or performance-based financial aid policies, have become increasingly popular among policymakers seeking to improve degree completion rates. This paper examines Indiana's 30-credit-hour completion policy on first-time, full-time students who receive the Twenty-First Century Scholars (TFCS) Promise Program. Using administrative data from the Indiana University's University Institutional Research and Reporting, representing 7842 low-income students who enrolled shortly before the policy was implemented, I use a difference-in-differences framework to explore the heterogeneous treatment effects of a credit (academic) momentum policy that was supported by the Complete College America initiative on the academic progression and completion of promise scholarship recipients at Indiana University Bloomington and Indiana University-Purdue University, Indianapolis, compared to non-TFCS Pell recipients from the Fall 2011 cohorts through the Fall 2014 cohorts.