Sources of funds for students at private colleges are assessed, along with major changes in student financial aid during 1979-1984, based on the Student Aid Recipient Data Bank of the National Institute of Independent Colleges and Universities. A random sample of actual student financial aid records was examined in order to show how aid is distributed among full-time undergraduates who are dependent on their parents, with attention to the contribution of students and their parents, federal and state aid, and aid from colleges and universities. Findings include: more than 1,200,000 students attending private colleges in 1983-1984 received one or more forms of federal aid; among federal aid recipients, the share of college expenses paid by students and their parents increased to 65.5% in 1983-1984; while more than 75% of all federal aid recipients received Pell grant aid in 1979-1980, by 1983-1984 the number declined to 43.7% of federal aid recipients; about half of all federal aid recipients attending private colleges also received state grants; and three of every five federal aid recipients who attend private colleges also receive grant aid from the college or university they attend. Data on the distribution of funding by type of institution is provided for Pell Grants, Supplemental Educational Opportunity Grants, College Work-Study funds, National Direct Student Loans, and Guaranteed Student Loans. (SW)