Current federal student financial assistance programs are described, and their impact on access to and choice of postsecondary education are assessed. In addition, recommendations and policy options for promoting educational opportunity are offered. Findings of the following eight studies are analyzed: (1) changes in college attendance and student aid for 1969, 1974, and 1981; (2) the effects of inflation on student aid policy; work patterns of full-time college students in 1974 and 1981; (3) a national assessment of cooperative education; (4) the effects of phasing out social security student benefits; (5) the cost to borrowers of participating in the Guaranteed Student Loan program (GSL); (6) the cost and flows of capital in the GSL program; (7) restrictions imposed on GSL borrowing by guaranty agencies, lenders, and state secondary markets; (8) and contradictions of federal public assistance and college opportunity policies. In addition, testimonies from hearings on student financial assistance are presented. The difficulties that low income students encounter in obtaining a college education are addressed. Appendices include a paper on the eighth study listed above; a summary and commentary on the third study listed above; a discussion of income-contingent proposals; and an index of self-help effort required to pay for college. (SW)