Picture of How To Make The Simple Skystreak Paper Airplane
Quite fast but elequent and stable, the Simple Skystreak is a straight wing flying wing that has a good top speed but can operate at low speeds as well.

TAA USAF Designation: F115-1 
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Step 1: Materials

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1 Piece of 8.5 by 11 inch paper

Step 2: Begin Folding

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Take your paper and fold it in half length-wise. Open. Then fold the paper width-wise. Open.

Step 3: Counterweight Folding

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Now fold one edge of the paper length-wise, down to the center. Then open it back up. Now fold the corners in to the fold. Then repeat by folding the corner down over the previous fold. Then after that fold the top down along the fourth division of the paper. After this is done, what was just the top of the paper should now be touching the center of the paper.

Step 4: Leading Edge Folds

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From the paper's previous postition, fold the paper counterweight down in half along itself again.

Step 5: Cut And Fold The Vertical Fins

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Fold the plane in half, then cut the fins. Exact dimensions are not critical, although keeping the adjustments the same on both fins is important.

Step 6: Taping And Final Folds

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Tape your counterweight down as pictured. Then unfold your fins and give your wing a slight dihedral deflection. 

Step 7: Flight

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The Simple Skystreak is fairly easy to construct, but it is even easier to fly. Originally designed as a trainer, the Simple Skystreak is able to cope with less than perfect conditions, as well as recover from stalls very quickly. With an excellent glide ratio, the aircraft has a long range.

The Simple Skystreak also has the capability of being adapted into a walk-along glider.