The 1992 reauthorization of the Higher Education Act (HEA) made changes in the need analysis formulas that determine the expected family contribution (EFC) used in awarding Title IV Federal student aid, altered the definition of an independent student, lowered the family size offset for independent students without dependents, eliminated home equity from the need analysis formula, and raised the income limit for filing the simplified needs form from $15,000 to $50,000. This report analyzes the effects of these changes and reports the results of a survey of Pell Grant Recipients. The analysis shows that: (1) the change in the need analysis rules affected the majority of student aid applicants with more students losing EFC increases than gaining eligibility; (2) the major factor affecting changes in students' EFCs from 1992-93 to 1993-94 was the change in the need analysis rules and not changes in the students' circumstances; (3) the group of students most adversely affected by the change in the need analysis rules were independent students without dependents; (4) students' probability of reapplying for aid was not related to rules changes; and (5) the changes did not impact students' educational behavior. Appended are the survey instrument and a breakdown of responses. (JLS)