The rising price of higher education and its implications for equity and accessibility have been extensively documented, but the material conditions of students’ lives are often overlooked. Data from more than 30,000 two- and 4-year college students indicate that approximately half are food insecure, and recent estimates suggest that at least 20% of 2-year college students have very low levels of food security. At least one-third of 2-year students are housing insecure, including up to 14% who are homeless, whereas between 11% and 19% of 4-year students are housing insecure. Most of these students work and receive financial aid, but only a fraction receive public or private assistance to help make ends meet. Implications for research on college affordability and efforts to boost college graduation rates are discussed.

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There is growing awareness that a substantial share of undergraduates are food insecure, potentially undermining investments in higher education and hindering upward social mobility. This mixed-methods paper uses survey and interview data from low-income students at 42 public colleges and universities in Wisconsin to illuminate the day-to-day experiences of food insecurity and examine how food security status varies across background characteristics. Results indicate that students who grew up in food insecure homes, self-identify as a racial/ethnic minority, live off-campus, and attend college in an urban area are significantly more likely to report the lowest level of food security, often associated with hunger. Students explain that challenges stemming from the interrelationship of lack of time and inadequate money are their biggest barriers to food security. Most rely on friends or family for support, but few students draw on the social safety net, in part due to eligibility restrictions. In recognition of the diversity of students’ experiences, we discuss the need for a multi-faceted response to promote food security and student success.

We conduct the first long‐term experimental evaluation of a need‐based financial aid program, the privately funded Wisconsin Scholars Grant. Over multiple cohorts, the program failed to increase degree completion and graduate school enrollment up to 10 years after matriculation. The program did reduce time‐to‐degree for some students and modestly increased the number of STEM degrees earned. The lack of robust effects raises important questions about the conditions necessary for financial aid to benefit students.