Analysis was made of financial aid to postsecondary vocational education students, using data from two primary sources, the National Postsecondary Student Aid Study (1986) and High School and Beyond (1980-84). The study found that most financial aid subsidizes students in four-year institutions. However, two-year public schools, which account for 80 percent of all vocational enrollments, received more than $1 billion in direct revenues from federal sources in 1986-87 and more than $7.6 billion in direct revenues from state and local sources. Federal vocational aid increases access to vocational education for economically and educationally disadvantaged students, handicapped students, and other target groups. Most vocational students were enrolled in relatively inexpensive schools. Most of the direct costs to aid recipients of vocational education were covered by financial aid. Students enrolled in two-year public schools were less likely than students enrolled in the other institutions to receive financial aid. Vocational students were especially dependent on federal financial aid and on loans. Receipt of financial aid appears to be related to better persistence and higher rates of completion in postsecondary vocational education. However, the study also notes that financial aid does not direct students into the technologically more advanced fields that may hold the jobs of the future; rather, that decision is left to individual student choice. (The document includes 50 tables and figures; appendices include a description of federal financial aid programs, tables showing regression analysis results, a classification of postsecondary education courses, and technical notes.) (KC)