This report examines the changes that occurred in college student financial aid between 1986-87 and 1989-90 by comparing students receiving various forms of aid in the fall of 1986 with those receiving aid in the fall of 1989. The data used were derived from the 1987 and 1990 National Postsecondary Student Aid Studies (NPSAS). The overall focus of the report is on changes in the characteristics of undergraduate students who received financial aid and in the amounts they received. In particular the report looks at types of aid, sources of aid, and specific Title IV programs. The final chapter of the report then compares students who were enrolled in the fall and non-fall terms in 1989-90 to determine how they differed in their receipt of financial aid. Highlights of the findings include the following: (1) the proportion of undergraduates who received financial aid declined from 49 percent to 44 percent, and all the decline was in loans; (2) the average amount of financial aid per student increased from $3,132 to $3,797; (3) proportions of undergraduates remained stable across several demographic characteristics; and (4) longer term trends of more women, minorities, and older students enrolling in postsecondary education and receiving aid persisted. Appendixes contain a glossary, technical notes and explanation of methodology, and supplemental tables. (JB)