Abstract: Financial aid is an important carrier for the universities to carry out ideological and political education. The data of the 2017 “Chinese University Student Tracking Survey” shows that there are obvious differences in the national identity of college students whether they receive financial aid or not, and the national identity of college students who have received financial aid is significantly higher; The four types of funding, including late payment funding, grant-based poverty funding, grant-based reward funding, and human capital return funding, have significant and stable impacts on the college students’ national identity. Financial aid has different effects on the national identity of college students with different family economic conditions. The specific manifestation is that any financial aid will significantly enhance their national identity for the college students from poor families. And, for students from better-off families, only the late payment type funding and the human capital return type funding have a significant impact. It can be seen that financial aid can effectively enhance the national identity of aided college students, and the value education function of financial aid should be fully utilized. The material assistance of financial aid should be effectively combined with the education function.