This study proposed to investigate the financial aid literacy of college students and if differences existed between specific groups. The research examined a causal comparison between students who attended a convocation and who did not, Pell awarded student status, and first-generation college student status. The participants included 58 students from the convocation and through a private social media group. The findings revealed statistical significances between students participating in the convocation versus those who did not attend and first-generation college students versus non first-generation in their financial aid literacy. The quantitative and qualitative data showed the necessity and impact of students receiving adequate financial aid information to make prudent educational cost decisions. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]