This report on the Fulbright-Hays Program during the last 25 years focuses on the increasing importance of educational exchange in this day of expanding communications. The primary purpose of the report is to record the evidence of accomplishment and expertise on which the Fulbright program has been built and to designate in detail the unique set of binational and academic mechanisms that have been developed. It is prepared for persons who have had some past connection with Fulbright educational exchange programs--including men and women in the Congress, the Executive Branch, and every part of academic life in America who have supported the program. This informal history, prepared during the anniversary year of the Board of Foreign Scholarships, tells the story of the experiences of more than 100,000 participants in more than 100 countries under the Fulbright program. Following an introduction which tells how and why this report was prepared, the study presents sections on The Laws Behind the Program, The Binational Approach, The Focus on Academic Merit, The Foreign Relations Component, Support of The American Educational Community, Achievements of the Program, and Final Thoughts. Supplementary materials are enumerated on the last 22 pages and include tables and charts showing the number and distribution of American and foreign grantees by state of permanent residence and by area and category from 1949-70 and 1970-71. Also included is a listing of grants. (Author/DDB)