The purpose of this paper is to describe the broad outlines of a new student financing program proposed by the state of Wisconsin and to present illustrative data on the distribution of its benefits. The results presented are both preliminary and partial. The paper is divided into four parts. Part 1 discusses the efficiency and equity questions that are at issue. Part 2 summarizes the Wisconsin proposal and notes the principal objections to it. Part 3 offers some of the first findings on how the subsidies of this program would be distributed among various population groups. Part 4 indicates the next steps in the research. (Author/IRT)