This paper addresses itself to the role of the federal government in financing higher education. It discusses the change in focus from institutional aid to student aid. In order to provide access to higher education that is compatible with movements toward social equality, the federal focus has shifted in the direction of student financial aid. Although Congress continues to fund three campus-based student aid programs, the keystone of the federal financial aid policy is the Basic Educational Opportunity Grant programs. The successes and problems of this grant program are described, and the steps taken to improve the management of the Guaranteed Student Loan Program are outlined. The speaker calls for greater coordination of effort at the state level between basic grants and such joint federal-state initiatives as the State Student Incentive Grant program. (Author/SJL)