Students receiving financial aid for their postsecondary education can budget their expenses with the anticipation of tuition, books, and living expenses; however, for a low-income student facing an unforeseen financial crisis, the unplanned expenses and lack of funds may lead to dropping out of school. This report evaluates two Lumina Foundation for Education emergency financial aid programs — the Dreamkeepers and Angel Fund — created to assist students at community colleges or tribal colleges and universities who are at risk of dropping out because of unexpected financial crises. The two programs are evaluated for how they are designed and implemented at the participating colleges and universities, focusing on the most frequent reasons students request financial help, eligibility parameters schools use for awarding grants, characteristics of aid recipients, impact on student retention, and fundraising capacities. Based on the data of the 37 Dreamkeepers and Angel Fund colleges, the authors capture challenges that the participating institutions faced and present lessons learned and recommendations for colleges interested in instituting similar emergency financial aid programs.