The original goal of the Higher Education Act of 1965, the amendments to that act in 1972, and reauthorizations through 1998 was to increase accessibility of higher education to all. Initially these system-level efforts substantially enhanced equity, but recent enrollment trends raise the question: Is our system becoming more or less equitable? By conducting a policy analysis of the HEA reauthorizations and other legislation, in respect to policy decision-making and policy implementation on federal and state levels, this paper examines how financial aid policy influences college access and choice for low- to moderate-income undergraduate students. Key elements in the federal policy process are examined and recommendations for future state policy are addressed.