In 2020, the student financial aid work will undergo a transformation towards a “developmental”and “educational financial aid” approach. Despite the increase in financial aid for students from lowincomefamilies in universities in Guangxi, there is a tendency to overlook the need for psychologicalsupport. Students from low-income families are susceptible to psychological issues such as inferiority,fatigue, vanity, and jealousy, which may lead to anxiety and depression if left unaddressed. Currentlylacking psychological counseling for this demographic, colleges and universities must integrate financialassistance with psychological education in order to promote the mental health development of studentsfrom low-income families and achieve a strategic transformation of financial assistance work.