A new analysis argues that financial aid “enrollment management” strategies can worsen debt outcomes for low-income families by pairing heavy tuition discounting for higher-income students with reliance on Parent PLUS loans for families who lack financial need. The report examined institutions that provided roughly $15,000 per first-year student on average to higher-income students without need, while charging low-income students around $18,000 after aid. The work points to policy timing as well. A federal lifetime limit on Parent PLUS loans of $65,000 per student is set to take effect this summer as part of recent changes, but the analysis argues even reduced caps still leave many low-income families facing unaffordable borrowing. For enrollment and financial aid leaders, the findings raise questions about how institutional revenue goals interact with accessibility, fairness, and the practical cost of college financing for families most at risk of taking on debt.