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In this report, the Rethinking Student Aid study group, brought together by the College Board with the support of Lumina Foundation for Education, the Spencer Foundation, and the Andrew W. Mellon Foundation to develop ideas for improving the federal student aid system, presents its recommendations. We hope these proposals will generate a new and open conversation about federal approaches to increasing postsecondary education opportunities. In the report that follows, we discuss the motivation for our efforts, the goals and principles on which we believe student aid policy should rest, and the details of our proposals for making federal student aid more effective. Our longterm interest is in modifying federal policies in ways that are consistent with the vision articulated in this report. Our immediate goal is to engage the higher education policy community in a frank and creative dialogue about how best to help students who face financial barriers to access and success in postsecondary education. Our report represents the best judgment of the study group members. The policy experts, academic researchers, and higher education professionals in the group spent two years studying and discussing the current system and ways to make it more effective for students. We believe the policies described in this report would expand educational opportunities and increase both the equity and the efficiency of the federal investment in higher education.