The administration of the various Federal financial aid programs under Title IV of the Higher Education Act of 1965 involves a complex set of legal relationships, including contracts between the institution and the Federal government and between the Federal government and other parties. This pamphlet discusses management issues surrounding these financial aid programs. It is intended to provide campus counsel with both an overview and a practical description of the structure and operation of these programs. The pamphlet begins by providing an historical background and description of the Federal Student Aid Programs. It then: (1) summarizes the significant program trends; (2) considers institutional eligibility and role in the Title IV programs; (3) reviews federal oversight of institutional participation in the Title IV Programs, including fine, limitation, suspension and termination proceedings; and (4) notes recent legislative developments (the 1992 reauthorization of the Higher Education Act); and offers recommendations for preventing legal problems through the proper management of these programs. (Contains 18 references.) (GLR)