This report traces the history of the collection of programs for disadvantaged students known as the TRIO programs and federal student financial aid policies, and finds that national efforts to equalize college opportunities have been losing ground for the past 15 years. The report cites, for example, a study showing that in 1994 a student from a high-income family was 10 times more likely than a low-income student to have earned a degree by age 24. The report then explores the reasons for these disparities, finding that first of all, college has become less affordable. Another finding is that the share of family income required to pay for college has increased, and that student financial aid has failed to close the gap. Also noted are shifts in student aid policies that make eligibility more diffuse, and the move from a grant-based to a loan-based system. In summary, the report presents a checklist of what needs to be done to help disadvantaged students pay for college, including: getting costs and prices under control; restoring need-based standards; finding alternative financing for at-risk students; restoring the value of Pell Grants; expanding precollege outreach; and, finally, focusing on student success rather than student access. Eight figures summarize trend data on which the report was based. (CH)