This report discusses recent changes in federal aid to postsecondary students enacted by Congress during 1992-93, focusing on the 1992 Amendments to the Higher Education Act and the 1993 Federal Direct Student Loan (DL) Program. The report reviews recent issues surrounding federal aid to postsecondary students, such as program accountability and simplification, and discusses the various types of grants, loans, and national service programs available to students. It then discusses the changes made to various federal aid programs in the areas of institutional eligibility, default rates, and need analysis. Specific changes in the Pell Grant and Guaranteed Student Loan Programs (now called the Federal Family Education Loan Program) are then examined, including unsubsidized loans, loan limits, interest rates and fees, cost saving and risk sharing, repayment options, and consolidation loans. The report then discusses the DL program, outlining the phase-in period, eligibility, repayment options, and administrative costs of the new program. (MDM)