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Financial aid is an important component of college access. In addition to state and federal aid programs, California community colleges, which have a longstanding mission of open access, also has the Board of Governors (BOG) waivers, which fully cover enrollment fees. The BOG program is projected to cover over three-quarters of all units taken in the 2013-14 school year. Unlike other aid programs, the BOG waiver program has no cap on units taken and is paid for out of state funds at the direct expense of new student fee revenue. Using a unique administrative restricted-use data on the census of California Community College students, this paper evaluates the composition and interactions of financial aid programs and analyzes potential policy implications.