The purpose of this study was to add to our understanding of how first-generation students make meaning of financial aid and the process of paying for college. The study sought to understand the emergence of self-authorship and other developmental outcomes that come from this experience. Using a phenomenological research methodology situated within a constructivist epistemological paradigm, this study explored the primary research questions: (1) What does it mean to pay for college as a first-generation student? (a) How do first-generation college students understand the process and decision making before enrolling in college? (b) How does this understanding evolve during their time as an undergraduate? (2) Does understanding of financial aid and the process of paying for college inform first-generation students' development of self-authorship? If so, how?