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This study examines the effects of introducing a Ph.D. fellowship program for education students at a large public university on the volume of applications and the attributes of applying and matriculating students. Using student-level administrative records, we use difference-in-differences and event study approaches to compare fellowship-eligible Ph.D. programs to fellowship-ineligible Ph.D. programs at the institution. Results indicate that the fellowship led to substantial increases in application volume and racial/ethnic diversity. In particular, we find significant increases in the share of black applicants and enrollees (5 percent and 9 percent, respectively). Overall, our analyses suggest that Ph.D. stipends and tuition waivers can increase the size and diversity of both applicant pools and enrollees.