Student aid is the last line of defense project to realize "not allowing a student drop out of school because of family financial difficulties". Student aid in China has experienced the evolution of the system of the People's Grants, the co-existence of Grants and Scholarship, the stage of “Scholarship, Loans, and Grants” and the stage of “Scholarship, Loans, Grants, Work-study, Supplement, Reduction, and Exemption”. Its evolution law is a process of continuously and accurately meeting the needs of the student aid to achieve sustainable development. However, in the specific practice of promoting the precision of student aid, there are still realistic dilemmas in the implementation of policies, the concept of student aid, the system of student aid, and the guarantee of legislation. Therefore, it is proposed that we should enrich the funding subjects, improve the governance effectiveness and quicken legislation to break through the realistic dilemmas.