Federal student assistance has become a tangled thicket of programs and policies. It is complicated, fails to focus benefits on the neediest students, and is increasingly expensive. Complexity and cost, grants or loans, who should benefit from student assistance and who should pay, and reshaping student aid are discussed. (MLW)

This article argues that in the current competitive environment of higher education, both students and colleges will benefit if the institutions make their admissions and financial aid policies explicit, helping students and parents understand the variety of factors involved in policy formation and decision making. Carleton College (Minnesota) is…