Extant literature about the history and impact of federal financial aid is robust, however, financial aid eligibility and its connection to persistence for continuing students is an area less understood. As a result, this study describes how at-promise students articulate their knowledge of federal financial aid policy during COVID-19. We interviewed 14 students who were on financial aid warning, a status defined by federal financial aid policy regulations, to examine what students understand about their financial aid standing and the criteria to keep their funding. Findings suggest students were often confused about financial aid eligibility criteria, even though they confidently expressed incorrect information about financial aid policies. Moreover, students were uncertain about how to connect with institutional financial aid resources and did not understand that financial aid advising extended beyond their first semester. This study fills multiple gaps in the literature and articulates how institutions can improve students' understanding of financial aid policy through multiple modes of communication, intentional interventions, and clearer policies. Implications such as the inclusion of Financial Aid counselors and departments in retention support are discussed. [The pagination cited on the .pdf (p1-24) is incorrect. The correct pagination is p2-24.]