The need for colleges and universities to develop standards of fair practice and academic integrity in providing adequate information to prospective students is discussed. The possibility of federal regulation in this area is critically analyzed. A "seller" and "consumer" assistance system, based on obligations to students and on educational principles, is recommended. Results of studies conducted by the National Task Force on Better Information for Student Choice and the Virginia State Council for Higher Education indicate that prospective postsecondary students value such information as more complete financial aid data, detailed descriptions of instructional programs and teaching effectiveness, and the relation of education to future careers. The role of the Center for Helping Improve Choice in Education (CHOICE) in promoting institutional participation in developing improved information is discussed. Agencies which might take prime responsibility for developing an effective consumer assistance system are suggested, including: (1) the higher education associations and accreditors; (2) a voluntary education service utility; (3) state agencies already involved in collecting and disseminating educational information; and (4) a new type of agency acceptable to both colleges and governmental bodies that would exercise responsibility and provide leadership. (SPG)