The current downward enrollment trend in postsecondary institutions is assessed in terms of its meaning for institutions, students, and taxpayers. An agenda is proposed for the review and an estimate is provided of the number of students who are qualified for postsecondary education but who fail to receive it because they lack the funds. It is proposed that the government spend up to two billion dollars more annually on postsecondary student aid after a three-year phasing-in period. Increased governmental spending of 25 percent would mean that in the near future annually about 67 percent of high school graduates would go on to postsecondary education soon after high school, compared with about 60 percent today. Groups of U.S. high school graduates in selected years from 1964 to the present are described and projections are made through 1984. Estimates are made of how many high school graduates of different abilities and family incomes go on to postsecondary education and how many do not. Results of a 1977 survey by the College Board of a sample of guidance counselors in public, parochial, and independent high schools concerning student educational and career plans are analyzed. Issues pertaining to employment and educational opportunity are examined, and arguments for investing more public funds in higher education are presented. Appendices include statistical tables, notes on the College Board counselor questionnaire and a followup mailing, and sample questionnaires. (SW)