The beginnings of financial aid go back as far as the 1600s, with the first scholarship offered by an entrepreneur at Harvard University. But the real growth of aid has taken place in the last 50 years, with the advent of campus-based financial aid programs including the introduction of federal Work-Study, grants and loan programs.

Below is a general timeline of the aid process and the federal legislation which has brought modern-day colleges and universities to where they are today. Congressional leaders continue the debate over what aid programs are worthwhile, which ones will continue and how they will be funded. Also, two videos from the Lumina Foundation discuss the growth of federal student loans and the federal financial aid system.

If you need help obtaining financial aid or understanding how it works, visit our website or contact us.