In order to understand the relevance and applicability of current criteria restricting institutional lending and the possible need for further restrictions, the Congress of the United States mandated a study of institutional lender policy. The study's resources were a background report and literature review, case studies of state loan systems, a formal call for papers and views of over 50 representatives of the postsecondary education community, several analytical papers and a symposium on the effects of eliminating the criteria currently in place. The study found that the potential advantages of eliminating current criteria were significantly outweighed by potential disadvantages. Under the most common institutional conditions criteria elimination would not improve access, reduce defaults, or produce substantial revenues for school lenders. The potential disadvantages include a decline in the quality of commercial lender and secondary market portfolios and a heightening of problems that guaranty agencies now face. The text includes six figures, and three appendixes listing members of the Advisory Committee on Student Financial Assistance, participants in the Advisory Committee's Symposium on Institutional Lending, and case study participants. (Author/JB)