Paying for college is a challenge for many Americans and navigating the financial aid process can be very difficult, especially for low-income and first-generation college students. The College Board commissioned research to learn more about students' and parents' knowledge, beliefs and attitudes about the importance of a college education and how to pay for it. In addition, students and parents who participated in the research were asked to evaluate whether the recommendations of the College Board's Rethinking Student Aid (RSA) project would improve the effectiveness of the nation's federal student aid system. Focus group participants and survey respondents included students from low- and moderate-income backgrounds, parents with modest financial resources, nontraditional college students and advocates for members of immigrant groups. After analyzing the data, one consistent theme emerged: While participants overwhelmingly understand the importance of college, lack of information and understanding of the college financing process is a barrier that is difficult to overcome for many students and families. This report urges policymakers to pursue the necessary changes to the federal financial aid system to "crack the student aid code" for first-generation students, students from low-income backgrounds, and their parents. By presenting the right information at the right time and in ways that families can understand, individuals can begin to break down existing barriers to college entrance and success. The Research Methodology is appended. (Contains 8 figures and 8 footnotes.)