The federal student loan program is examined with focus on how well it will serve the country's needs in the 1990s and beyond. A series of papers are presented in two parts. Part one, Student Loan Policy and Proposals for Change, includes the following papers: "Appearance and Reality in the Guaranteed Student Loan Program" (M. McPherson); "Neither Grant nor Loan: New Ground for Federal Student Aid Policy" (W. Byron); "HELP: A Student Loan Program for the Twenty-First Century" (R. Reischauer); "Improving the Guaranteed Student Loan Program" (J. Cronin); and "The National Student Loan Bank: Adapting an Old Idea for Future Needs" (A. Hauptman); Part two, Radical Reform or Incremental Change, a seminar on student loan policy alternatives, is as follows: opening remarks by L. Gladieux, "A Conceptual Framework for the Issues" (M. McPherson); "Establish a Federal Revolving Fund with Income-Contingent Repayment" (W. Byron); "Apply the Social Insurance Concept to Student Loans" (R. Reischauer); "Comments" (R. Atwell, E. Fox, R. Hartman); "Maintain and Improve the Guaranteed Student Loan Program" (J. Cronin); "Incorporate a National Student Loan Bank into the Current System" (A. Hauptman); "Comments" (B. Bosworth, T. Hartle, D. Longanecker); "Student Loans in the Framework of Higher Education Finance" (B. Johnstone); "The Outlook for Change" (D. Breneman); and "Summary of the Issues" (M. McPherson). (SM)