The article analyzes the impacts of legislated changes on both program recipients and federal costs. For example, it estimates the changes in the numbers of independent and dependent recipients which will result from the new legislation. It also analyzes the changes in award amounts received by students. Finally, the article discusses the effects of particular new provisions of the Fell Grant program on its cost. This article is drawn from the February 1993 Congressional Budget Office (CEO) Staff Memorandum "Fell Grants: The Effect of the Higher Education Amendments of 1992."