This conference proceedings provides a summary of a conference on the federal role in the financing of postsecondary education, along with nine papers commissioned for the conference. The papers include: (1) "The Federal Role in Financing Higher Education: An Economic Perspective" (Sandy Baum); (2) "Rethinking the Allocation of Pell Grants" (David W. Breneman and Fred J. Galloway); (3) "Implications of Demographic Trends in Higher Education on Student Financial Aid Over the Next Ten Years" (Mary J. Frase); (4) "Federal Student Aid Policy: A History and an Assessment" (Lawrence E. Gladieux); (5) "Cut the Cloth to Fit the Student: Tailoring the Federal Role in Postsecondary Education and Training" (Arthur M. Hauptman); (6) "Starting Points: Fundamental Assumptions Underlying the Principles and Policies of Federal Financial Aid to Students" (Bruce D. Johnstone); (7) "Accountability in Postsecondary Education" (Charles E. M. Kolb); (8) "Goals for Federal/State Policy in the 21st Century: Affordability, Mobility, and Learning Productivity" (James R. Mingle); and (9) "Pursuing Broader Participation and Greater Benefit from Federal College Student Financial Aid" (Michael T. Nettles and Others). A list of conference participants is included. (MDM)