Student aid records from a national sample of aid recipients attending independent colleges and universities with enrollments of more than 500 students were evaluated. It was found that recent reductions in federal student assistance and restrictions placed on program eligibility reduced substantially the number and proportion of low-income students attending independent colleges and universities in 1981-1982. The number of undergraduate independent students receiving aid dropped by approximately 16 percent, which goes directly counter to trends in public colleges and universities. The number of dependent undergraduate aid recipients from families with incomes in the $6,000 to $24,000 range declined dramatically. There was also a decline of almost 18 percent in the amount of Pell Grant funding to students attending independent colleges and universities, and almost a 10 percent decrease in the number of Pell Grant recipients. In addition, there was a major increase in institutional need-based aid, and a dramatic increase in the use of Guaranteed Student Loans. The number of students participating in this program during the 2-year period doubled, and the average GSL award has increased by 27 percent. (SW)