Abstract: The financial aid work for impoverished students in private colleges and universities is still incomplete. The tuition fee for private colleges and universities is high and the group in need is large, while the financial aid is limited. The criterion of identification for impoverished students has deficiencies. The lack of credit consciousness of part of aid-receiving students impacts the effect of financial aid. The position of private colleges and universities needs improvement and financial aid from state and local governments needs to be increased. The construction of executive ability for private college financial aid policy needs to be strengthened and a mechanism of public participation needs to be established. The whole society needs to be mobilized to establish a multi-channel financial aid system. And the effectiveness of student loan needs to be improved.