A research study of the use and perceived value of minority-targeted scholarships (MTS) by undergraduate, graduate, and professional schools is reported in this document. The research used a mail survey of financial aid directors at 300 four-year undergraduate and graduate schools and another survy of 349 dental, law, and medical schools. In addition, case studies were done of the impact of such scholarships on six schools' goals of increasing minority representation. The survey results showed that, though many schools award MTS, these scholarships account for a small proportion of total scholarships and scholarship dollars. Most schools awarding MTS used race or ethnicity as an eligibility requirement, while few used gender, religion, or other minority status. Race or ethnicity was rarely the sole criterion with other criteria commonly being financial need and/or academic merit. Students receiving MTS were a small percentage of all racial or ethnic minority students. Schools funded MTS through private endowments and income from tuition and other fees. Four of the six schools in the case studies used MTS fairly extensively and found them valuable in recruiting and retaining minority students. Extensive appendixes contain aggregated responses to the questionnaires, information on the questionnaire scope and methodology, the six case studies, and a list of contributors to the report. (JB)