This monograph addresses questions of community college financing in the broader context of educational purpose and priorities. An economic perspective is presented in Chapter I, which discusses the modes and levels of financing community colleges, policy questions related to the community college mission, and types of educational programs currently provided. Chapter II discusses the efficiency of community college education in terms of the theory of public finance, economic theory, and the outcomes of community college education and provides an analysis of a nationwide follow-up study of high school students. The discussion of equity in Chapter III concentrates on the implications of tuition and student aid, intersectoral equity in the distribution of state and local support for postsecondary education, and interdistrict equity in the provision of local support for community colleges. Chapters IV and V move to a pragmatic level in discussing federal and state aid within a framework focusing on the efficiency and equity of the total educational system. The final chapter considers the future of the community colleges in light of the difficulties which the 1980s are likely to pose for all higher education institutions, summarizes the content of previous chapters, and discusses their implications. Tables provide data on enrollment, federal and state aid, student financial aid, educational outcomes, tuition levels, etc., throughout the book. (HB)