This report provides results from a Minnesota state survey designed to identify the characteristics of the students enrolled in Minnesota colleges and how their families are financing their education. Data are presented from survey responses of 5,347 undergraduate college students. Information is presented separately for dependent and independent students and covers: demographic data; the social and economic characteristics of the students' families; the cost of a college education and sources of funding; the patterns of attendance and utilization; and choice of institution. Among the survey's conclusions are the following: (1) financial aid is not fully utilized; (2) students from wealthier families are, in general, more likely to attend college than those from poor families; (3) in general, families with incomes under $40,000 are making an extraordinary effort to support their children; (4) the higher education financing system is regressive; (5) families do a dismal job of preparing for college; and (6) low income students are seeking the same traditional college experience as those students with high incomes. Extensive figures, graphs, and tables detail the study's findings. Appendices contain the survey instrument, data tables, and an algorithm for fully allocating instructional costs. (GLR)