A quality education is the primary instrument of social and economic mobility in the United States. As open-access institutions, community colleges are the gateway to postsecondary education for millions of Americans. Many of these students would be unable to afford college without federal resources, such as student financial aid and tax credits. Students use these funds to pay tuition and fees to colleges, to cover other costs associated with enrollment, such as books and supplies, and for the costs of living and commuting while enrolled. Institutional leaders must have a comprehensive understanding of college financing resources to help them better chart the course for their institutions' future and provide students information on their options. This guide offers an update to the 2011 guide, "Financial Aid 101," providing detailed explanations of a variety of aid programs, including changes to programs and information on programs that have emerged as important alternate sources of aid for community college students. The authors also present information that is particularly important to institutional leaders looking to advocate for their students and colleges, and offer recommendations on how they can effectively approach this important work. [This paper was sponsored by Student Connections.]