In view of the large post-secondary enrollments of two-year colleges, and the heavy enrollment of students from low and moderate income families, their participation in institutionally administered federal financial assistance programs appears disproportionately low. The application, state allotment, and allocation procedures do not inherently militate against programmatic participation by two-year institutions, but many community colleges simply do not apply for funds. Furthermore, two-year institutions participating in the campus-based programs are probably not requesting funds commensurate with the actual needs of their students. For comparison purposes, this paper presents an estimate of the distribution of funds under the new Basic Educational Opportunity Grant Program which promises direct aid to students, with figures for the actual federal allocations for institutionally administered financial assistance programs (Supplemental Educational Opportunity Grants, College Work-Study Program, and National Direct Student Loans). At full funding of all eligible undergraduates, students in public two-year institutions should receive relatively more funds in the Basic Educational Opportunity Grant Program (27 percent) than they receive through the three campus-based programs (13 percent). (Author/MJK)