Financial aid enables thousands of Texans with limited financial resources to pursue postsecondary education, but need-based grant aid is under attack at state and federal levels. With new restrictions on need-based aid coupled with state budget cutbacks, financial aid rationing threatens college access, persistence, and success for a young and growing population in Texas. This policy primer provides an overview of state and federal financial aid and outlines the challenges for students and families picking up the largest share of college costs. This primer also makes recommendations to create a more efficient and robust state financial aid system that works better for Texas students and families. Appended are: (1) Institutional Eligibility; (2) Sample Grant Coverage at Texas Public Four-Year Colleges & Universities; (3) Sample Grant Coverage at Texas Public Community Colleges; (4) Federal Grant Aid & Work Study; (5) Federal Loan Programs; and (6) Texas State Financial Aid Program: Grants, Loans, Work-Study. (Contains 96 endnotes and 4 footnotes.)