The financial-aid policies and practices of colleges and universities have made too many headlines in recent times to remain the domain of technical experts. Boards of trustees, like other constituencies that are responsible for the health and well-being of postsecondary institutions, should be asking how issues being raised about student financing apply to their own campuses. Boards should be considering: Are institutional-aid policies making it more realistic for students to enroll and succeed? Or are they burdening students with levels of debt that will make it difficult for them to move forward with their lives? Are those policies strengthening the financial and academic profiles of the institution? Or are they pushing it closer to the brink of financial crisis? The college financial-aid system is complicated, and it is understandable if most board members are satisfied with knowing the bare outlines: Federal and state governments provide grants and loans that make it possible for low-income students to enroll, while colleges and universities offer institutional financial aid to increase the diversity of their student bodies and help shape their classes. The author contends that a deeper understanding of the current issues will help boards ask the right questions on their campuses. (Contains 1 resource.)