The differences in the person-environment fit and levels of anxiety of older adults in professional schools versus older students in liberal arts schools were studied to determine if the states of ego development of older adults (35 years of age or older) were related to the degree of academic and environmental restrictiveness in professional and liberal arts schools, and to determine if there was an interaction between this person-environment fit and satisfaction and anxiety. A random sample of 279 students from 3 professional and 2 liberal arts schools in the New York City metropolitan area responded to selected questions from the following questionnaires: The Washington University Sentence Completion Test, which measures ego development; the Student Reactions to College Questionnaire, and the State-Trait Anxiety Index. No significant difference was found in the levels of ego development of older students in professional schools versus those in liberal arts schools, nor was any significant difference noted between professional and liberal arts students in their perceptions of the overall openness or restrictiveness of the environment. However, some factor-specific effects on anxiety and on satisfaction were noted. Appendices include factor tables, definitions of openesss-restrictiveness dimensions, and an addendum of tables and data testing several alternative hypotheses. (Contains 107 references.) (CH)