Maine, Massachusetts and Rhode Island are participating in an initiative to assess and redesign state financial aid policies and programs with the New England Board of Higher Education (NEBHE). Each state received $7,500 to conduct an impact study of current state-supported financial aid programs. NEBHE worked with agencies in each state to collect and analyze data, and in June 2015, released preliminary findings of impact studies in Maine and Rhode Island. These initial findings identify whom the programs serve and how well students persist through college and complete a degree. Both the State of Maine Grant Program and the Rhode Island State Grant Program serve low-income students, and in both states, more than half of grant recipients completed a degree or credential. Each brief presents additional findings and proposes areas for additional study.