The report, based on data from the first National Postsecondary Student Aid Study (1986), describes the combinations of student aid awards or student aid "packages" received by federally-aided students to finance their educations in 1986-87. The narrative discussion presents the results in a question-and-answer format, including such findings as the following: about one-third of all recipients were awarded only a Pell Grant or a Guaranteed Student Loan; two-thirds received packages; typical aid packages differed by type and control of postsecondary institutions; reliance on Guaranteed Student Loans increased as the level of family income increased; 30% of federally-aided students received campus-based federal aid; and 24% of federaly-aided students also received institutional aid. The major portion of the document provides detailed results in tabular or graphic format covering such areas as: distribution of federal, state, and institutional aid packages by type and control of institution; distribution of federal, state, and institutional aid packages by level of family income; average federal aid awards for dependent/independent undergraduate student recipients; and profiles of the three most common student aid packages by income level. Additional tables are provided in the appendix. (DB)