The study reported in this paper compares the monetary impacts of the Texas system of higher education finance with the most likely impacts of the Higher Education Opportunity Program on the State of Texas and its taxpayers, students and their families, and colleges and universities, to determine: (1) under which plan the State of Texas and its taxpayers would spend less financially; (2) under which plan students and their families would spend less financially; (3) which plan is more equitable in its treatment of students and their families; and (4) under which plan colleges and universities would gain more financially. The study was limited to consideration of the financial or monetary impacts of each plan, as opposed to a full "economic" assessment, on the undergraduate sector of the state's higher education system for the academic year 1975-76. This was the latest year for which reasonably accurate information was available. The major findings of the study were: (1) the State of Texas and its taxpayers would spend less financially under the Higher Education Opportunity Program; (2) student-family units with incomes under the $10,000 - $12,000 range would spend less financially under the Higher Education Opportunity Program; (3) student-family units with incomes above the $10,000 - $12,000 range would spend more financially under the Texas plan; (4) the Higher Education Opportunity Program is more equitable in its treatment of students and their families than is the Texas system; and (5) the study was inconclusive as to which plan would have afforded colleges and universities the better financial treatment.