A new analysis links enrollment management incentives to debt burdens for low-income families, arguing that tuition discounting for higher-income students can increase reliance on Parent PLUS loans among families with less financial flexibility. The report examined institutions offering nearly $15,000 in average first-year aid without demonstrated financial need in 2023 while charging lower-income students with $30,000 or less in annual family income about $18,000 after aid. The author, Stephen Burd of New America, attributes the mismatch to “financial aid leveraging,” where aid awards are calibrated to hit institutional enrollment and revenue targets. The coverage also notes a policy change taking effect this summer that will cap lifetime Parent PLUS borrowing at $65,000 per student—an attempt to curb debt exposure, though the critique argues the remaining borrowing load still risks affordability for low-income families.