The Financial Aid Study Committee of the Ohio Board of Regents was impaneled in October 1987 to determine if the state's major financial aid investments, principally the Ohio Instructional Grant Program, are an adequate resource in addressing state access objectives. Significant changes in the Ohio economic base have given rise to renewed emphasis on the role which higher education can play in preparing Ohioans for the 21st century. Ohio must develop strategies to expand access to higher education and ensure equality in its benefits. This responsibility must be shared by state and federal government, colleges and universities, and the private sector. Following an executive summary and a summary of 13 recommendations, the focus is on: cost of attending college; sharing the cost; growth and trends in student assistance programs; growing reliance on student loans; growth and change in the Ohio Instructional Grant Program; packaging financial aid; access and the availability of financial aid; delivery of state grant assistance; part-time students; new options; and proprietary schools. Future study needs are also identified, including: determining the financial need of Ohio's part-time students; exploring the feasibility of further reducing a growing reliance on student loans by creating a work-study program to supplement the federal college work-study program; and exploring other options for families who do not qualify for need-based financial aid. An appendix defines new federal support status criteria. Tables and charts are included. (SM)