Recommendations regarding student financial aid in Georgia, criteria for judging how well recommended policies are being met, and study findings of an assessment conducted by the Governor's Committee on Postsecondary Education are presented. Attention is directed to the following concerns: responsibility for the financial assistance of postsecondary students, basis for awarding state student financial aid, equitable distribution of need-based aid, efficient use of state financial aid funds, student eligibility for state financial aid, duration of student eligibility for state aid, and institutional eligibility for student aid. Assessment by the committee considered: the relationship between provider and student expenses, sources of funds to pay student expenses, types of student financial aid programs in Georgia, and the portions of student financial aid dollars and awards by type of aid and by basis of aid. A study of students receiving need-based financial aid during 1979-80 was conducted to determine how well the state's financial aid programs serve state goals. Two findings that convinced the committee that there is a need to reappraise state financial aid programs are as follows: (1) aid available to students who sought help on the basis of need was insufficient to meet all demonstrated need and there was some maldistribution of college student financial aid; and (2) changes and reductions in federal aid are being implemented. Appendices include the following: analysis of financial aid changes from 1979-1980 to 1983-1984: requirements for aid compared to committee proposals; information on number of accredited and nonaccredited postsecondary institutions in Georgia by sector; and number of state financial aid programs by basis of aid and sector. (SW)