The report examines trends in federal and Oklahoma state student financial aid programs and distribution since 1974-75, looks at issues in student aid policy formation, and makes recommendations for state policy development, information dissemination, and program design and delivery. It begins with background information and a brief history of student financial aid in Oklahoma, including dollar amounts and distribution over twenty years and changes in both state and federal programs. It then summarizes the characteristics of students receiving aid over that period (distribution by racial/ethnic group and institution type) and the types of aid distributed, by institution type. Subsequent sections look at changes in the cost of attending college, by institution type, and trends in student loan indebtedness. Trends and concerns are then summarized, and specific recommendations are made. (Contains 15 endnotes.) (MSE)