Hearings concerning research done for the National Commission on Student Financial Assistance are presented, along with the Commission's recommendations. The recommendations concern modifications of the current law to facilitate greater access for low- and middle-income students and to improve the quality of postsecondary education in the country. The hearings are part of fact finding leading to reauthorization of the Higher Education Act of 1965, as amended. Areas investigated by the Commission include the following: the definition of satisfactory academic progress, the in-school interest subsidy provision of the Guaranteed Student Loan (GSL) program; and the insurance premium and special allowance provisions of the GSL program. The Commission's recommendations are aimed at qualitatively improving the current federal program for student financial aid. It is noted that Commission findings show that the low-income and minority students have been greatly affected by reductions in student financial assistance. The Commission also found the response to the reduction in and elimination of social security benefits grossly inadequate. The Commission concludes that the federal financial aid program does affect college access and choice. Specific findings and recommendations are included. (SW)