The evolution of student financial aid and current trends of increasing college costs and decreased federal aid are discussed. The objective of removing barriers to opportunity has resulted in the award of aid according to some measure of student and family need. While the need-based approach originated and evolved within the educational community, the federal government has become the largest source of student aid. It is reasonable to assume that student aid has had something to do with the democratization of college opportunities during the past quarter century. The greatest hazard of the current policy of financial aid cuts and changed eligibility criteria is the squeeze on students and families in the lower economic range. It appears that college has recently become more difficult for families to afford; in many states tuition levels are rising without any commensurate increase in need-based aid. More than half of the colleges included in a recent survey indicated that, in addition to offering need-based aid, they consider all incoming freshman applicants for academic scholarships without regard to financial need. Most parents are still prepared to contribute something to their children's education; however, overall, an increasing share of the cost burden is likely to fall on students themselves. (SW)