This theme issue of "Policy Perspectives" examines the role and survivability of liberal arts colleges in an age of universities. The lead essay, "Cross Currents," emphasizes that the liberal arts college embodies the ideal form of scholarly purpose and endeavor in undergraduate institutions, that the gap between the values inherent in a liberal education and the values of a society preoccupied with immediate returns causes financial distress for liberal arts colleges, and that the use of institutionally funded financial aid has become increasingly necessary to compete. The essay outlines strategies for dealing with these challenges. Several commentaries to the lead essay are presented, including: "Aspiring to Excellence" (Robert H. Edwards); "Teaching as Conversation" (Tom Gerety); "Building Cooperative Arrangements" (Mary Patterson McPherson); "Demonstrating Our Claims" (Kathryn Mohrman); "Rethinking Faculty Time" (Frederick C. Nahm); "Achieving Greater Coherence" (John Synodinos); and "A Different Vantage" (Richard Sisson). The final paper, "Giving Discounts, Getting Satisfaction: An Analysis of Institutions and Their Students," presents data from five institutions indicating that four of the five offered discounts to the majority of freshmen in 1992, and presents data from the Higher Education Data Sharing Consortium indicating that the overwhelming majority of students are pleased with the quality of their experiences. (JDD)