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The papers in this volume assess the state of our knowledge about the effectiveness of existing student aid policies and programs. Federal and state governments, as well as colleges and universities themselves, devote considerable resources to assisting students in the payment of tuition and fees, room and board, and other costs associated with higher education. Nonetheless, significant gaps in college enrollment and success rates across income groups persist. While money is clearly only one of the problems contributing to these gaps, it is vital that we use our aid dollars as effectively as possible. In order to work toward the design of more effective student aid policies, the editors of this volume, under the auspices of the College Board and with financial assistance from the Mellon, Lumina, and Spencer Foundations, convened a group of researchers and other policy experts to develop proposals for reform of the federal student aid system. Lumina Foundation sponsored the research contained in this volume to provide a sound base of knowledge for the group's deliberations and for those who will receive and debate the emerging recommendations. Despite the inconclusive nature of much of the existing evidence and the need for further study, policy reform cannot await more definitive research. We know enough about what does and does not work to move forward with constructive attempts to redesign the student aid system. Postponing action can only postpone the necessary steps toward meeting our educational opportunity goals.