Data that is needed on student financial aid applicants are discussed in hearings held as part of fact finding prior to reauthorization of the Higher Education Act. Topics include: types of students who apply for student financial assistance, the income levels of their families, the types of institutions they choose, and the degree to which the choices they make are attributable to sex or race differences. Testimonies are offered by two witnesses representing the American College Testing (ACT) Service and the New York State Educational Services. Statistics taken primarily from ACT's profile of financial applicants for 1983-1984 funds are quoted. It is noted that 58 percent of the dependent-student applicants have financial need averaging about $3,200 each, and 31 percent are independent students under the current federal definition. Information is included on the student study population's marital status, average income, average age, family size, and parent financial contribution. A New York State survey of student perceptions of how they financed their education is also considered. It is noted that over 55 percent of the 8,700 students are highly dependent on financial aid. Differences in utilization rates and patterns by level of study, sector, and income are also discussed. (SW)