This report examines the financing patterns and demographic characteristics of students at private, for-profit institutions. There are three levels of private, for-profit institutions: less-than-2-year, 2-year, and 4-year institutions. The analysis focuses on students attending 2-year and less-than-2-year, for-profit institutions. The high standard errors and low sample sizes made it difficult to analyze any changes between 1992-93 and 1995-96 for the 4-year sector. The findings indicate that the majority of the students attending these schools were female, white, age 23 or younger, and independent. They delayed their enrollment for a year or more after high school, attended full-time for at least part of the academic year, and worked while enrolled. The federal government--followed by states, institutions, and employers--was the most extensive provider of financial aid in 1995-96 to students attending less-than-4-year, for-profit institutions. The demographic and enrollment characteristics of borrowers at less-than-4-year, for-profit institutions were similar to those of all students in that sector. Borrowers were generally younger, in a lower income quartile, and worked while enrolled when compared to nonborrowers. The number of 4-year, for-profit postsecondary institutions that offer programs leading to a baccalaureate degree and beyond increased from 1992-96. (Contains 28 tables and figures.) (RJM)