This report describes the results of a survey of publicly funded grant programs for undergraduates and graduate/professional school students operated by the 50 states, the District of Columbia, and Puerto Rico. It focuses on the grant program characteristics for 1991-92 and provides analysis of the trends of these programs. The analysis indicates that the academic year under study will not be a good one for state grant programs in at least half the states. For the 1991-92 academic year, the state grant program growth in general represents the worst since data was first collected on such programs starting in the 1969-70 academic year. Among the findings is that, while need for aid is increasing within all categories of funded grant programs, 22 states, or 42 percent of the total, expect to make fewer total awards and/or to spend fewer total dollars in grant programs. Also, in 27 states the need-based grant dollars available to students at public and/or private institutions are expected to decrease, with decreases expected at both types of institutions in 11 states. It is noted that while grant programs are facing funding difficulties, these difficulties are not as great as those faced by the public institutions that grant recipients attend. (GLR)