Changes in participation in five U.S. Department of Education student financial aid programs were assessed for 1974 and 1981. These programs are the National Direct Student Loan (NDSL) program, the College Work Study program, the Supplemental Educational Opportunity Grant (SEOG) program, the Guaranteed Student Loan (GSL) program, and the Pell or Basic Educational Opportunity Grant (BEOG) program. The following characteristics of student aid recipients were assessed: parental income, race/ethnicity, gender, and parental educational attainment. Findings include the following: student aid became more concentrated on freshmen from families with incomes of over $20,000; GSL participation rates increased 259 percent; Pell Grant (BEOG) freshman participation rates increased 48 percent; gender and parental educational attainment did not change much; and campus-based student aid participation rates changed little, except that higher income students gained more of the moderate funding increases than did lower income students, black NDSL program participation declined 19 percent, and white SEOG program participation declined 75 percent. It is concluded that student aid recipients differed most along the dimensions of family income and race. The study methodology is summarized. (SW)