This report describes the status of State and federal financial assistance available to students enrolled in postsecondary institutions located in New York State during the two academic years, 1987-88 and 1988-89. The introduction contains a brief overview of State and federal student assistance programs and highlights recent developments in those programs. The next four sections of the report describe major programs in terms of their dollar volume, the size and characteristics of the student populations they serve, and the institutional sectors they serve. Specifically, part 2 provides a summary of all State and federal programs; Part 3 focuses on the State's Tuition Assistance Program; Part 4 examines the federal Pell Grant Program; and Part 5 analyzes the federal loan programs. Appendix A shows definitions and sources of data used in this report, Appendix B contains an annotated bibliography of recent references on the topic of student financial assistance in New York, and Appendix C contains tables displaying important features of the major aid programs in the State. (GLR)