College student aid system is an important content of modern university system construction. Using the World Health Organization Quality of Life Scale (WHOQOL-100) and SPSS statistical analysis software, this article empirically investigates and researches the relationship between the quality of life and consumption of college students, and establishes the appropriate college students living standards; then, the author proposes the colleges student financial aid system initially by cost-sharing theory, and introduces the minimum living subsidy into the aid system for students.