The most important provisions of new student financial aid regulations in New York State are described. Revisions to Part 145 of the Regulations of the Commissioner of Education concern program pursuit and academic progress, definition of full-time study, duplicative awards, theological study, and five-year programs. The change with the broadest impact on student aid recipients and institutions is the addition of a new section 145-2.2 concerning program pursuit and academic progress. The new regulation requires that institutions develop, and receive the Commissioner's approval for, standards of satisfactory academic progress. The following procedures for developing and seeking approval for standards for program pursuit and academic progress are covered: statutory provisions, periodic review, loss and reinstatement of student eligibility, program pursuit and passing or failing grades, approval of progress standards, failure to make progress, transfer student eligibility, minimum standards, waiver procedures, and continuing students. These standards will be used to determine whether students are making satisfactory academic progress (and therefore should receive state student financial assistance). The standards are not intended for general institutional use, but only to determine student eligibility for state awards. In addition to the guidelines concerning the development of proposed standards, the text of the regulations is included. (SW)