Changes in the distribution of student financial aid have taken place at the state and federal level. In addition, several authors have reported on shifts in the awarding of financial aid to students at the institutional level. The analysis described in this study examines shifts in institutional responsiveness to both student need and student test scores over the period 1992-2003. The analysis reveals that three of the four sectors in the study have become less responsive to student need and more responsive to students' academic characteristics over time. (Contains 5 footnotes, 5 tables, and 4 figures.)