College financial aid programs often target individuals based on a combination of academic merit and socioeconomic status. The design of these programs can also be influenced by social preferences and political factors. This paper analyzes the evolution of Colombia's flagship program, Ser Pilo Paga, later renamed Generacion E-Excelencia. It examines how the national government initially designed the program based on social objectives and budget constraints and subsequently modified it in response to student behavior, political pressures, and shifting priorities. Finally, the paper briefly discusses how these design changes might affect the program's impact on equity and efficiency.
