A guide for analyzing the effects of the current student aid delivery system and for estimating the effects of system alternatives is presented. Attention is directed to measures, data sources, and analysis methods needed to evaluate the effects of each delivery system activity on the various participants (e.g., lenders, financial aid applicants, government, colleges). Because of a lack of data on the effects of the system at the activity level, baseline effects at an aggregate level were estimated and case study data were analyzed. For the Pell Grant program, Guaranteed Student Loan program, and campus-based aid, a chart lists activities that are part of the following delivery subsystems: pre-application, application, student eligibility determination, student benefit calculation, fund disbursement, and account reconciliation. Extensive tables for each of the three aid programs outline for each activity effects (e.g., administrative costs), measures, data sources, and analysis measures. Information on the methodology for evaluating the effects of the delivery system is included. Appended materials include a description of the data sources and a glossary. (SW)