Relatively little attention has been given to the importance of student earnings in the total financing of postsecondary education. The present study deals with this important question. It attempts to answer these questions: (1) How much are students earning in the aggregate? How much of these earnings are increasing resources to finance education, raising the standard of living of the students, and substituting for parental contribution? (3) What are the trends in the various components of total earnings? Adjusting for changing family income characteristics and inflation, How has the disposition of earning changed? (4) What has been the effect of the increase in the proportion of low-income students on earnings and the disposition of earnings? (5) What has been the discrenible effect of changing college costs on students' work effort, earnings, and contributions from assets? (Author/KE)