As the student aid programs rapidly approach reauthorization in 2014, they continue to face severe funding and efficiency problems. With grant assistance from the Bill & Melinda Gates Foundation through their "Reimagining Aid Design and Delivery" (RADD) project, the National Association of Student Financial Aid Administrators (NASFAA) examined current systems of student aid with an eye towards reimagining how they could be improved in the future. This policy brief puts forward broad ideas intended to generate discussion and debate with the goal of advancing key policy issues facing student aid. The issues discussed in this brief were generated through a multi-step process, layered with healthy, challenging, and innovative discussion regarding the current and future states of the federal student aid programs. NASFAA convened first and foremost a group of financial aid directors from across the country and from all sectors of higher education to serve as a discussion and reaction group. NASFAA also convened a group of policy advisors, made up of student aid experts and economists. In addition, NASFAA solicited feedback from a separate group of aid administrators, student aid advocates, and higher education policy experts along the way. Throughout the RADD project, NASFAA relied on a series of underlying principles to guide its efforts. The principles were predicated on NASFAA's Core Advocacy Principles and included the promotion of fairness, access, equity for all students, the primacy of need-based financial aid, increased accountability and transparency, and the acknowledgement that student success is a function of shared responsibility between institutions and students, while recognizing that students hold primary responsibility for successful outcomes. The policy considerations put forward in this issue brief should not be construed as recommendations--rather, they are conversation starters and require additional research, data analysis, and demonstration projects whenever possible. (Contains 1 figure and 2 tables.) [For "Reimagining Financial Aid to Improve Student Access and Outcomes. Executive Summary," see ED543359.]