HOW VALID IS SELF-REPORTED FINANCIAL-AID INFORMATION

This paper compares the accuracy of college freshmen self-reported inf ormation about financial aid awards with actual data on the types and amounts of these awards. Data from the 1986-87 National Postsecondary Aid Study (NPSAS) file are replicated with evidence from a single inst itution. The study shows that college freshmen are relatively accurate in reporting whether any financial aid was received. However, student s' self-reports of specific financial aid awards and amounts do not co rrespond closely to actual data. Campus administrators would come to v ery different conclusions about both the types and amounts of student aid if they rely on survey data compared to actual data. The results p rovide evidence for how nonsampling errors may bias survey results.