Analysis of data on student financial aid from a variety of sources is reported and shows that the funding levels for all financial aid programs have increased substantially in recent years. This is especially true for Basic Educational Opportunity Grants, which have become an important factor in equalizing educational opportunity. However, the distribution of funds to institutions is not necessarily consistent with student enrollment. Funds going to two-year colleges have not increased in proportion to their enrollment increases. Many of these colleges simply did not apply for one or more of the campus-based programs. Overall, proportionally more women than men receive aid under each program. Financial aid programs have also tended to equalize the student loan/work burden. These findings do not necessarily mean that educational opportunities have been fully equalized. Students from higher-income families still have lower self-help burdens, as well as a higher college-going rate than lower-income students. It is concluded that in the future, financial aid efforts should focus on improving program efficiency. (MSE)