A Great-Leap-Forward style expansion in higher education without sufficient funding from public resources has been witnessed in China in the past one decade, which is believed to be the underlining reason for the growing number of college students in poverty. By official standard, this number has reached four million in 2008. To tackle, the government has introduced a student support system consists of five key components. There is also a rich body of literature focusing on the implementation and effectiveness of these policy measures. However, not much has been done on what student poverty means, especially in the context of China. The policy measures have been adopted to tackle an issue which has not been clearly defined. What is the nature of student poverty, why it concerns many and how it could be alleviated, are questions left unanswered. This paper attempts to bridge this gap by not only conceptualizing student poverty but also providing some suggestions on how it could be measured in the context of China.