This monograph contains papers that deal in considerable detail with the major problems and proposals that are most frequently cited in discussions about the finance of higher education. The report is divided into four sections. Section 1: The Economic and Social Background, includes papers by Theodore W. Schultz on economic issues, by Mary Jean Bowman with a review of economic research, and by Christopher Jencks on the social issues. Section 2: Who Should Pay: Alternative Strategies for Financing Higher Education, includes papers by W. Lee Hansen and Burton A. Weisbrod (proposes that students and parents pay), by James L. Wattenbarger (proposes that society pay), and by Howard R. Bowen (suggesting that society, students and parents should jointly share the responsibility). Papers in Section 3: Alternatives for the Federal Government, deal with (1) loans for students, (2) tax credits for parents, (3) direct support for institutions, (4) direct grants and revenue sharing with the States, and (5) a discussion of the cost of higher education, a brief review of the history of educational finance and a proposal involving student grants, student loans, and institutional grants. Section 4: The Road Ahead, includes a paper by John P. Mallan on financial plans and political constituencies, and one by M.D. Orwig summarizing the issues. A bibliography is included in this report. (AF)