The study was undertaken to use data from the National Longitudinal study, in combination with other data resources, to improve the understanding of the effects of student financial aid in institutional and family decisionmaking. Three principle questions are addressed: (1) Do low income and minority students receive larger aid packages, and in what amounts and kind?; (2) How do institutions package financial aid offers to students, and what part does the net price of eudcational costs play?; and (3) What is the effect of financial aid on actual parental contributions? The empirical results suggest the nature and extent of student aid effects on several presumed national goals. Extensive data tables are included. (Author/MSE)