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Free tuition in Chile is allocated based on students’ financial needs, regardless of their academic achievement during high school and their performance on admission tests. Conversely, the financial aid instruments prominent until 2015 in the country were oriented towards high-performing students from low socioeconomic backgrounds. We used Latent Profile Analysis to estimate different types of free tuition beneficiaries using academic indicators for two critical years of implementation. Our results highlight the academic diversity of students benefitting from this policy, as well as their segmented academic trajectories. Overall, our findings contribute to a deeper understanding of the connection between financial aid and admissions to higher education.