The best advice I can offer concerning managing one's financial affairs is to live on what you make, establish an emergency fund, and use credit wisely. If you can live by these principles, you will be fine. It is a simple plan, but it is not easy.
In regards to financial aid, I advise you to only use what you need to pay your tuition, purchase books, and other items needed for school. Return the remaining balance to the school's financial aid office. If you follow this principle, you will have much less debt after graduation.