Federal student aid has been essential in ensuring access to higher education, transforming lives, and strengthening U.S. economic competitiveness. Better policies can improve this critical investment. APLU staff recommends: including incentives for completion, moving beyond access alone while avoiding adverse selectivity; requiring advising and tracking of Title IV student progress; rewarding institutions themselves if they exceed a completion expectation of a student-risk-adjusted index for Title IV students; using a student-risk-adjusted index when determining institutional eligibly for Title IV money to tighten student cohort default rate and repayment rate criteria; and applying Satisfactory Academic Progress (SAP) criteria for students receiving veteran benefits as well as tax benefits. These ideas will be further developed and augmented as APLU further consults within the higher education community and engages in the public policy process.