Postsecondary education provided to students in private, for-profit institutions has been the topic of frequent—and sometimes controversial—public policy action in recent years. Among the most important of those actions were changes implemented in the 1992 Reauthorization of the Higher Education Act that resulted in significant declines in overall participation by students at private, for-profit institutions in federal student aid programs. This report examines the financing patterns of students at these institutions and profiles changes in their demographic and enrollment characteristics between 1992-93 and 1995-96. It also includes a special focus on students attending four-year, for-profit postsecondary institutions that offer programs leading to a baccalaureate degree.