The Fundacion Gran Mariscal de Ayacucho, a large Venezuelan scholarship program that sends students to study in the United States and other countries, is discussed. Information on program objectives, issues, and problems was obtained from work with students at the University of Pittsburgh, the literature, program records, and interviews with foundation officials. The foundation administers a scholarship program to enable students to study abroad in areas of priority for the country, including the development of scientific and technological independence, the preparation of high quality scientists and technicians, and the development of the capacity to prepare technical personnel within Venezuela. Students are chosen to study in areas such as petroleum and petrochemicals, agriculture, the sciences, education, and engineering. Special attention is placed on recruiting scholars from low-income families and from the nonmetropolitan areas of Venezuela. By 1978 the program emphasized higher-level technical education and graduate education rather than undergraduate education. Among the problems that were encountered were: a lack of understanding of the nature of the U.S. liberal arts college; the U.S. system of accreditation and measures of quality; the different types of higher education and degrees; the relationship of the student's thesis with Venezuelan development needs; the quality of the relationship between the Venezuelan sponsoring agency and the student; Venezuelan students' feeling of isolation in the United States; placement in Venezuela after studying abroad; issues relating to educating undergraduates in Venezuela; revalidation of degrees and professional training; and preparation of students for overseas study. (SW)