Higher Education is the driving force for Socioeconomic development of a nation. One of the most important features of higher education in India is education through colleges, which may be professional or general in nature. These colleges may be Government or private or deficit grants-in-aid colleges. The state Government purely controls Government colleges in all respects whereas private colleges are controlled and administered by the private parties or trusts. But a deficit grants-in-aid college is neither purely Government College nor private college. A deficit grants-in-aid college is one where state Government provide fund for staff payment, etc. after adjusting some portion of the student tuition fee of this required fund. The present study is mainly confined on Financing of Higher Educational Institutions (viz., deficit grants-in-aid colleges) of Lakhimpur district. Further, an attempt has been made to study the problems of deficit grants-in-aid colleges as well as its affiliation and management along with the development of collegiate educations in Assam and Lakhimpur district. This book is highly useful for the research scholars who want to do study in this area.