This report is intended to help institutions interpret and compare student aid at their institutions with those of peer institutions. Each chart, graph, or table is accompanied by an explanation of how the reported statistic was calculated; directions on how to interpret the data for participating institutions and peer groups are also offered. The document is divided into four sections: definitions; summary results; cohort characteristics; and an appendix. Graphs and tables in the summary section are broken down into the following groups: small colleges/lower tuition; small colleges/higher tuition; and large colleges/universities. Data is provided for average tuition discounts for full-time freshmen; average percent of full-time freshmen receiving institutional grants; average size of institutional grant for full-time freshmen as a percentage of tuition and fees; percentage of institutions providing grants; tuition discount components; average gross and net tuition revenue per full-time freshmen; and relationship between gross and net tuition rates, 1998. Cohort characteristics include average cohort enrollment, full-time freshmen; and participating institutions by categories and peer groups. The 1998 National Association of College and University Business Officer survey of independent institutions is appended. (CH)