The policy of student financial aid experienced a major reform in 2007. Aiming at solving the problems of previous policies and improving educational equity，a new system of student financial aid has been established through increasing financial investment，perfecting various aid measures such as scholarships，loans，work-study，grants，tuition waiver and discount programs，thus to enlarge the beneficiary proportion，and raise educational equity，meanwhile，the central and local governments，universities，social communities and individuals all acted to realize the new policy.