This monograph presents a history of developments in major student financial aid programs over the past 20 years. An opening section offers highlights of the topic. The article goes on to look at types of student aid, categorized as grants, loans, and work study. An examination of the effects of inflation shows that even taking into account inflation's effect, there has been major growth in the amount of grants and loans made in the past 20 years. Also reviewed are the major acts of legislation establishing the Pell and Stafford programs in the 1970s. Using data from two recent surveys, information on individual awards is also presented. Other information provided by higher education institutions themselves on student aid is reviewed. A final section looks closely at the guaranteed student loans offered by the federal government and discusses the limitations of this program in light of rising default rates. A conclusion reviews the implications of the information noting that expenditures for student aid will probably grow rapidly in the future and that the continued reliance on borrowing for higher education appears to represent a break from past attitudes about the balancing of individual, familial, and societal benefits from higher education. Six information resources and 12 references are cited. (JB)