A BANDONING its fruitless attempts to slash federal student financial aid programs, the Reagan Administration this month submitted its proposed education budget for Fiscal Year 1989. Calling for $21.2 billion in federal funding for education and for nearly $9 billion for financial aid programs, this year's budget request finally falls in line with spending levels supported by Congress.

The Administration's proposed budget is most extraordinary when compared with last year's, which called for a 45 percent cut in financial aid. Important programs such as Pell grants and College Work-Study--both vital for low-income students--Will no longer be victim to attack by the White House.

What's to account for such a significant departure from the Administration's highly controversial policy of attempting to slash funds for financial aid whenever it could? Education Department officials admit that one factor is their desire to gain more influence on Capitol Hill. In previous years, when Education Secretary William J. Bennett sought massive cuts in student financial aid, Congress would simply ignore his requests and gave the Reagan Administration no say. As Loye W. Miller, Bennett's press secretary, admitted, "when you have a budget that is so unpopular that even key Republicans ignore it, then you simply don't have influence and are not a player."

However, election-year politics had as much to do with the new budget request as the desire to establish credibility with Congress. Vice President Bush has lobbied hard for education increases, hoping they will translate into better showings in the polls. Republican candidates who once had to justify the administration's aid cuts can now breathe a deep sigh of relief.

Although the new budget request is a refreshing change from the Administration's past policy, the motives are suspect. This is a crucial time in the nation's future, when education is critical for restoring America's economic health. And with progress on civil rights and fighting poverty stalled, the federal government must provide aid for all low-income and minority students to ensure them equal access to college and jobs. With so much at stake, a college education should not have to rely on the political calculations of presidential candidates.