The United States of America is one of the countries with the most developed higher education system, and its mode of financing can be a model in the world. Universities in America are always trying to explore diversified sources of financing. Meanwhile, they persist in the core principle of taking students as the foremost, in the whole process of financing and using the funds. Federal, state and local government appropriations centered on meeting students’ needs of development. The revenue from voluntary social supporters attaches great importance to ensure the quality of students. In addition, the funds raised through their own efforts place great emphasis on promoting students’ professional development. In face of the reality of educational fund shortage, it is of great importance for us to explore the factors underlying the successful practice in financing and using funds in American higher education and provide a referential example for the ongoing reforms in China.