A comparative analysis of federal and state student financial aid programs assesses the impact of federal student aid on the attendance behavior of individuals, on the financing behavior of colleges and universities, and on the financing behavior of state and local governments. Enrollment, student budget, residence and migration, student characteristics, institutional finance and federal student aid data are analyzed at the state aggregate level for nine consecutive years, from 1966-67 through 1974-75. In addition, an extensive file of state demographic and economic information is compiled with annual information on population, age, sex, race, income, and on state/local expenditures, high school graduates and higher education degrees. It is shown that the level of funding for federal student aid programs has increased tremendously, and many states have developed their own student financial assistance programs. However, the level of total federal support for both institutions and students has not kept pace with both the rate of enrollment growth and the rate of inflation. (DC)