This study was conducted in two phases. One, the Cost Analysis, reports on inventory and analysis of actual estimated costs for delivering financial aid services to students and potential students in thirteen Colorado Community College System (CCCS) community colleges in Fiscal Year 2003. Additionally, an assessment of services and functions is included to estimate cost per service and to enable a cost effectiveness comparison. The second phase of the study, Cost Effectiveness, compares the costs and services presently provided by each college in concert with the CCCS-IT and Educational Services departments, with an alternative delivery system provided by the Colorado State Loan Program (CSLP). Surveys and data definitions are attached. Appended are: (1) Financial Aid Survey--FY 2003 Year End Totals; (2) Financial Aid Functions--Survey of Services; (3) Indirect Cost Rate Survey; and (4) Data Definitions. (Contains 15 tables.)