The estimated percentage of full-time undergraduates who received aid in fall 1984 is reported, along with the total amount they received, the distribution of aided students by families' income level, and the composition of aid packages. Information is also provided on student debt, the use of special tuition plans, and how student employment figures in the financial aid package. Questionnaires were returned by 350 colleges and universities belonging to the Higher Education Panel of the American Council on Education. The study, which covered all types of postsecondary institutions except specialized institutions, found that nearly half of the full-time undergraduates received some sort of aid that is administered by the attended institution. Excluded were students that had Guaranteed Student Loans only, or veterans or social security benefits only. The aid amounted to slightly more than $7 billion for academic year 1984-1985. Of this amount, nearly half came from the federal government. Grants and scholarships made up nearly half of the typical student aid package for low-income students. Included are detailed statistical tables, the questionnaire, information on the stratification design used to produce national estimates, and a comparison of respondents and nonrespondents according to various institutional characteristics. (SW)