This paper examines the higher education system in Brazil and one of the financial aid policies that the government has established. It seeks to find whether the Fundo de Financiamento ao Estudante do Ensino Superior (FIES), Financing of Higher Education Student, a financial aid program established by the Brazilian government in 1999, addresses the issue of equal access to higher education. The financial aid system was created to assist undergraduate students of low socioeconomic background to attend private institutions (Costa, 2013). Although the financial assistance has brought undeniable results, the FIES has shown its enrolment challenges. On the one hand, the program has to some extent accomplished its role of assisting low-income students to have better access to higher education institutions. On the other hand, it has contributed to the growth of low-quality institutions. Moreover, due to the economic crisis in 2015, the FIES had to make major changes in its regulations. In order to analyze these issues, it is important to understand the socio-economic factors that prevent low-income students from enrolling in public universities, the systems of economic exclusion existing in public higher education entrance exams, and the efficacies of the measures that the Brazilian government has taken to mitigate the inequities in higher education enrollment. Research on this topic will enable us to analyze this contemporary issue in Brazilian education and recommend possible educational policies to solve the matter.