Findings and recommendations are compiled from a conference on student aid policy. Issues addressed in this summary report include: the public commitment to student aid; funding for student aid; the student aid delivery system; and the governance of student aid. It is noted that financial support from public and private student aid programs has made higher education, traditionally one of the major mechanisms for achieving equality, possible for substantial numbers of individuals. It is recommended that there be a comprehensive attempt to achieve a coherent set of public purposes and policies for student aid programs. Three major questions are addressed: (1) What is the optimum rate of participation in postsecondary education? (2) How much financial support from resources external to the family will be required to induce and maintain that level of participation? and (3) What is the optimum mechanism for delivering that financial support? It is suggested that resolution of these issues will aid in the development of a consistent public policy regarding student aid, and in this way the benefits derived from the investment of public money in student aid will be improved and expanded. (SF)