The Association of American Colleges' (AAC) Project on Redefining the Meaning and Purpose of Baccalaureate Degrees is described. The Project has three purposes: to promote and facilitate a nationwide discussion and consensus about the meaning of baccalaureate degrees; to identify and define appropriate knowledge, intellectual proficiencies, and personal attitudes that should result from undergraduate study; and to develop and disseminate criteria and guidelines for colleges and accrediting agencies to use in assessing quality in baccalaureate education. The national dialogue, begun on 11 campuses chosen by AAC as representative of the major sectors of American higher education, will involve the learned societies, national higher education associations, and accrediting agencies. Final criteria and standards will be released in January 1985. One definition of the baccalaureate degree is proposed here that takes into account the realities of today's world. Lines of inquiry of the study are identified: principles for organizing curricula; benefits of extracurricular activities to undergraduate education; responsibilities for teaching and learning; principles for assessing progress and achievement; and institutional responsibilities for undergraduate education. A selected bibliography for further study is appended. (SW)