Evidence suggests otherwise. Nationally, fewer than half of students complete a 4-year degree within four years, and only about two-thirds finish within eight. Outcomes are significantly worse for first-generation and low-income students. What’s needed is a funding model that can expedite completion rates, reduce debt and align financial aid with the realities students face.
For more than 75 years, the George M. Pullman Educational Foundation has been quietly producing outcomes that far exceed national benchmarks. In the past five years, more than 95% of participating students have completed their degrees within six years, compared with a national average of roughly 64%. Eighty-four percent finish within four years—nearly double the national rate. Most graduate without debt.
The students, all from Chicago and its more than 130 surrounding municipalities, reflect the broader realities of today’s college population: more than half are first-generation, and many come from families with limited financial resources. Overall, their average family income is just under $60,000. Their success points to something more fundamental than individual achievement. It reflects the design of the support system around them.
The model is straightforward: financial support that renews annually, paired with consistent, structured engagement over time. Scholarships are awarded for four years rather than as one-time grants, and students are free to attend any accredited institution and pursue any major. This flexibility removes common constraints often found in traditional aid models that often tie students to specific schools or programs. Students also receive regular check-ins, access to mentors, and structured opportunities to build practical skills and mental health support as needed.
The distinction matters. Research consistently shows that advising, mentoring and wraparound supports improve retention and completion. Yet in many institutions, these services remain peripheral—subject to budget fluctuations and uneven access. In this model, they are treated as essential infrastructure.
The result is not only higher completion rates but stronger academic performance. Pullman Scholars maintain an average GPA above 3.5 and disproportionately pursue fields such as engineering, health care and other STEM disciplines—areas of acute workforce demand.
What makes this model particularly relevant is its adaptability. It does not depend on a specific institutional structure or an exceptionally large endowment. Instead, it relies on a set of principles that can be replicated by other funders.
First, financial aid must be predictable. When students cannot be sure that funding will continue from one year to the next, academic decisions become financial guessing games. Multi-year commitments reduce that uncertainty and allow students to focus on completion.
Second, aid must be flexible. Students’ academic paths are rarely linear. Transfers, changes in majors and adjustments made for personal circumstances are common. Restrictive scholarship terms that penalize these shifts can unintentionally increase dropout risk. Portability allows aid to follow the student, not the institution.
Third, support must be continuous. Check-ins, mentorship and access to guidance are most effective when they are sustained over time. One-time interventions—whether financial or advisory—are insufficient for navigating the cumulative challenges of college.
Fourth, information must be accessible. Expanding access to clear, centralized information is essential to ensuring that available resources reach those who need them.
Taken together, these principles require funders to design programs around students’ lived experiences. It means reducing unnecessary constraints, providing consistent support and recognizing that success depends on more than just covering tuition.
Community colleges and regional universities, many facing tightening budgets and increasing student needs, could adapt elements of this model through partnerships with local foundations and community-based organizations working with first-generation students. Even modest programs can incorporate multi-year commitments and structured engagement.
The broader lesson is that effectiveness is a function of design, not scale. With traditional financial aid systems under strain today, Pullman’s model is intentionally simple and holistic, aligning with factors that drive student success. Its data makes it clear that by pairing financial support with flexibility, continuity and human connection, outcomes improve—often dramatically.
Richard W. Daspit, Jr. is board president of the George M. Pullman Educational Foundation. As a descendant of George M. Pullman, he is passionate about enabling all deserving students to attain bachelor’s degrees. Learn more at https://www.pullmanfoundation.org/
