This brochure for college administrators uses a question and answer format to provide an overview of factors in deciding whether a college should participate in the federal student aid programs. Questions address the following issues: the decision to participate in the student aid program; staffing required for a financial aid office; costs to the school for having these programs; risks in participating in the programs; benefits of providing federal student aid programs to students; institutional eligibility requirements; student eligibility factors; amounts of money a student can receive; specific federal student aid programs; how students get the funds; available training for institutional participants; and sources of additional information. (DB)