In response to a new federal law that will deny federal financial aid to any student not registering with the Selective Service System. Earlham College in Richmond. Indiana, has decided to replace any aid denied to conscientious objectors now enrolled there.

"We're a Quaker college, so historically we've supported students who sincerely object to military service on religious principles. "Franklin W. Wallin, president of Ear-Earlham College, said last week, adding that the college is the first to take such a stance on the new law.

However. Earlham will not support students who do not register for other than religious or humanitarian reason, he added.

The unanimous decision by the Administrative Council has not drawn any reaction from the Selective Service System. While student and faculty reaction at Earlham has generally been favorable, said Wallin.

Only one student has thus far notified Earlham that be will loss and when the law takers effect on July 1, 1983, but many other conscientious objectors at Earlham may seek support. Wallin said.

Specific regulations on the law's enforcement have not been determined yet, but colleges may be involved in reporting student registration information. Betty E. Alexander, a public information officer for the Selective Service System, said this week.

Seamus P. Malin, acting director of Harvard's undergraduate financial aid office, said. "We are very concerned, but we have no idea how the regulations will be written," adding that officials will consider the question of replacing student aid that is denied under the new law.