The purpose of this study was to evaluate specific changes made to the federal need analysis formula between aid years 1992 and 1993. The subjects examined were 1992 dependent student, firm family financial aid applicants at Iowa State University. A random sample of 200 records was drawn from a farm population of 2225 students;Aid applicant data were drawn from the institutions student aid system. These files were then reprocessed using federally approved need analysis calculators. Various computations, with and without assets, were performed using both 1992 and 1993 need analysis. The intent of these calculations was to compare changes in parental contribution and Pell Grant awards between years and formulas;The output results were compared and contrasted using paired t-Tests for dependent sample means. The results suggest significant differences between need formulas and aid years with regard to the dependent variables. The study suggested an increasing trend toward higher unmet student need and lower federal Pell Grant awards. As resources become more scarce, these results have strong implications for campus based aid policy decisions.