The higher education charge conforms to the human capital theory and the costsharing theory. However, it violates the “equal educational opportunities” philosophy, which can be realized by the establishment and improvement of student financial assistance system. The current higher education student financial assistance system in P. R. China has been improved in quality, but it needs to be further strengthened and improved in three aspects, including financing efforts, identification of poverty students, and recovery of student loans. The government should increase their input to the system. The design and calculation of “shouldbefunded Index” is helpful for reducing subjective factors to identify poverty students. The establishment of “loanreminding mechanism” and various methods for loan repayment can eliminate nonmalicious default.