The 2010 Acts of the Assembly, Chapter 874, directs the State Council of Higher Education for Virginia (SCHEV) to conduct a study on state financial aid. In support of this directive, SCHEV conducted a series of meetings with representatives from each public four-year college or university, Richard Bland College, and representatives from the Virginia Community College System. These meetings focused on the administration of state financial aid, especially the creation and use of the Cost of Attendance (COA) budget. SCHEV also contacted seven states to determine how their primary state need-based aid program is funded and awarded to students. These states are Indiana, Kentucky, Maryland, Minnesota, North Carolina, Oregon, and Washington. This paper presents a summary of SCHEV's findings.