Information on student financial assistance at Arizona's three public universities is presented as one working paper in the final report of the Arizona Board of Regents' (ABOR) Task Force on Excellence, Efficiency and Competitiveness. Statistics are provided on the following: students; distribution of financial aid; federal financial aid; state financial aid; other states' plans; potential barriers to a university education (minority and socioeconomic considerations, and demographics); environmental influences of community; financial aid application; financial aid offices; indebtedness (loans); and financial aspects of persistence. Presently, Arizona's financial aid system works best for those who make effective contact with the university structure. Recommendations include: the state should develop a financial assistance program for resident students with financial need in which loan indebtedness is kept to a minimum; institutions should actively seek additional private funding for scholarships; and the ABOR should continue its tuition/fee waiver program. An appendix discusses types of aid (College Work-Study Program, loans for parents, Native American grants, Carl D. Perkins National Direct Student Loan, Pell Grants, private scholarships, regents' tuition/fee waivers, Stafford Student Loans, State Student Incentive Grant, Supplemental Educational Opportunity Grant, supplemental loans for students, and a tuition set aside program. Contains 47 references and 5 tables. (SM)