This report, the fourth in a series of ten, was prepared by the Steering Committee, the Study of Education at Stanford. The series, based on the concept that education should be a continuous process of discovery throughout life, sets forth recommendations for strengthening the academic enterprise at Stanford University. This booklet presents 5 reports of the Topic Committee on Admissions and Financial Aid; the recommendations in these reports were adopted by the Steering Committee. It is proposed that procedures for student selection be based on many separate categories rather than on a single set of criteria. A pool of potential applicants could assess themselves for selection on the basis of categories within which Stanford students compete, the approximate percentages to be chosen from each category, and the level of achievement that would ensure a reasonable chance of selection. Current students and faculty could provide their descriptions of the university and understanding, encouragement, and help in decision-making. The applicants selected would decide whether or not to enroll and whether their financial needs can be met. The university's goal should be to provide sufficient financial aid funds to meet the needs of all accepted applicants. Copies of this report may be requested in writing from: Study of Education at Stanford, Room 107, Building 10A, Stanford University, Stanford, California 94305. [Not available in hard copy due to marginal legibility of original document] (WM)