This report examines the characteristics of less-than-4-year institutions and the students who attend them. Data are presented on the number and size of less-than-4-year institutions, their educational offerings, types of degrees awarded, and on student demographic and socioeconomic characteristics, attendance costs, and financial aid. Following an introductory chapter, Chapter 2 provides a description of enrollment and program offerings at less-than-4-year institutions using data from the Integrated Postsecondary Data System survey. Chapters 3, 4, and 5 use National Postsecondary Student Aid Study (1987) data to describe students enrolled in less-than-4-year public, private not-for-profit, and private for-profit institutions. The sixth chapter compares students attending the different types of less-than-4-year institutions with those attending 4-year institutions. The seventh and final chapter summarizes the findings of this study. Student characteristics examined are divided into four groups: demographic and socioeconomic characteristics, including sex, age, marital status, dependent student's family income, and independent student's income; educational goals, including ultimate degree objective and field of study; student expenses, including the average amount paid for tuition and fees, housing, transportation, and miscellaneous; and sources and average amounts of financial support. Appendices include study technical notes and lists of selected undergraduate characteristics. (GLR)