Amid rapidly changing U.S. demographics, enhancing equitable educational opportunities through state finance policies for higher education is critical for the nation’s economic and workforce development. However, implementing state finance policies as “one size fits all” approaches in a stratified higher education context without considering differences across student groups, and institution types may create disparate impacts that impede educational opportunities. This three-essay dissertation conducts an early finance equity audit that examines the heterogenous effects of three contemporary state finance policies on three critical educational inputs – student enrollment, institutional spending, and instructional faculty composition – that matter to student success in public higher education institutions in the two-year and four-year sectors. Using quasi-experimental methods, the study evaluates the differential and dynamic effects of universal free college programs, performance-based funding, and tuition freezes on educational inputs in public institutions, with a focus on institutions serving disproportionate populations of minoritized student groups. Collectively, the study generates and contributes robust evidence that may help states in employing equity-enhancing finance strategies to boost educational opportunities more effectively and equitably.