The　main　purpose　of　this　paper　is　to　analyze　the　relationship　between　the　multiple　mixed　financial　aid　systems　and　the　academic　development　of　college　students　in　Chinese　higher　education.　Under　the　assistance　of　National　Student　Financial　Aid　Center　of　China,　this　study　used　sample　data　from　the　questionnaire　survey　conducted　among　students　in　11　colleges　and　universities,　and　used　logistic　regression　analysis　based　on　human　capital　theory　and　student　development　theory　to　investigate　the　effects　of　different　forms　of　financial　aid　on　students＇　academic　development　in　higher　education.　The　main　results　of　the　study　showed　that,　firstly,　receiving　National　Scholarships,　National　Encouragement　Scholarships,　and　National　Student　Loans　were　significantly　and　positively　correlated　with　receiving　excellent　grades,　but　receiving　National　Grants　and　work-study　positions　were　significantly　and　negatively　correlated　with　receiving　excellent　grades.　Secondly,　receiving　higher　National　Scholarships　and　work-study　funding　significantly　increased　students＇　probability　of　receiving　excellent　grades,　but　receiving　higher　National　Student　Loans　funding　significantly　decreased　students＇　probability　of　receiving　excellent　grades.　Further　analysis　of　the　influence　of　different　forms　of　financial　support　on　students＇　academic　development　revealed　that　receiving　National　Scholarships　and　National　Encouragement　Scholarships　can　significantly　increase　the　probability　of　study　exchanges　between　sponsored　students,　teachers,　and　classmates　and　of　attending　seminars;　receiving　higher　National　Scholarships　and　work-study　positions　can　help　sponsored　students　clarify　their　study　goals　and　increase　study　exchanges　with　teachers　and　classmates.　The　results　of　this　study　showed　that　the　students＇　academic　development　is　influenced　by　the　National　Scholarships　and　work-study　positions.　Based　on　the　results　of　the　empirical　study,　countermeasures　and　suggestions　were　proposed　in　terms　of　precise　financial　aid　systems,　allocation　of　financial　aid　resources,　and　work-study　positions,　so　as　to　improve　the　impact　of　higher　education　mixed　financial　aid　systems　on　college　students＇　academic　development　in　China.