This report examines the feasibility of implementing a student unit record system to replace the student-related components that currently are based on aggregate institution-level data collected as part of the Integrated Postsecondary Education Data System (IPEDS). The feasibility study was initiated by the National Center for Education Statistics (NCES), a part of the Institute of Education Sciences (IES) within the Department of Education (ED), in response to renewed interest within the postsecondary education community for more accurate measures of net price and graduation rates, especially measures that take into account institutional mission and student mobility. This interest parallels a growing congressional desire to hold postsecondary institutions accountable for student outcomes. The feasibility study was conducted between October and December 2004. As this report has outlined, a central question for a UR system is "Could it be done?" Have the information technologies and infrastructures at the campus and state levels matured, could the current IPEDS web?based reporting system be adapted to a UR system, and would there be adequate technical and legal protections in place at IES/NCES? The report has addressed some of the technical and system problems associated with the design and development of a new IPEDS UR system. At the technical level, a UR system could be done at most institutions given time for implementation. The following are appended: (1) Technical Review Panels; and (2) Estimates of Burden. (Contains 3 tables and 8 figures.) [This report was also prepared by HigherEd.org, Inc.]