The distribution of student aid among the five sectors of postsecondary education is examined: proprietary schools, two-year public colleges, four-year public colleges and universities, two-year nonprofit private colleges, and four-year nonprofit private colleges and universities. Attention is also directed to the ways this aid distribution has changed from 1975 to 1984, and the links between policy changes and shifts in distribution. In addition to state grant aid and institutional aid, eight federal student aid programs are considered: the Pell Grant program, the Supplemental Educational Opportunity grant program, the National Direct Student Loan program, the Guaranteed Student Loan program, the College Work-Study program, Social Security Administration dependents benefits; and Veterans Administration educational benefits. Major findings show that: the distribution of student assistance has undergone considerable shifts in the past 10 years, due in large part to the rapid growth of the proprietary sector; the elimination of Social Security and Veterans Administration support for students has had a substantial impact on the mix between loans and grants; and the maximum and average financial aid awards in the various programs have not kept pace with inflation. (SW)