The AFS Impact Study, initiated in 1977, is an attempt to document changes in learning and personal development associated with an intercultural "homestay" program. Completed in 1985, the study identifies several areas in which students show greater learning and educational growth than that shown by a group of students who had expressed interest in an exchange experience but were unable to participate in one. The study, based on questionnaires used in pre- and post-testing environments, examines and compares growth in intercultural knowledge and sensitivity, awareness of global issues, and interpersonal relationships. The research also identifies the development of and changes in personal values and skills among participants and non-participants in terms of awareness of opportunities, non-materialism, critical thinking, exchange of ideas, independence, personal growth and maturity, and self-confidence. In addition, the report documents the differences in learning patterns between full-year program students and short program students. Research indicates that the most distinguishing characteristic of this program in terms of learning and development is a student's emotional involvement with a different culture, along with significant increases in altruism and idealism. Tables are included. (JHP)