The relationship between student financial aid and college attendance in Sweden during 1965-1985 was assessed. Objectives were to determine: the extent to which student aid has increased the overall rates of transition to higher education; the effect of financial aid on the recruitment of different socioeconomic groups; the effect of financial aid on recruitment of students of differing achievement levels; and any sex differences in recruitment resulting from aid. For three nationally representative samples born in 1948, 1953, and 1963, consideration was given to college attendance in the late 1960s, early 1970s, and early 1980s, respectively. During this period, the rate of transition from upper-secondary to higher education decreased from nearly 70% to less than 30%. However, the evidence suggests that student aid did not explain the decreasing enrollments. In each cohort, the transition rate of students from higher social groups exceeded that of students from lower groups. Yet, in the late 1960s student aid had a substantial socially-equalizing effect on educational opportunities. However, this positive effect vanished and in the early 1970s student aid had practically no bearing on social differentiation, and this trend was greatly reinforced in the 1980s. Additional findings are covered. (SW)