Over the last century, Americans have formed a social contract with higher education through the development of and changes to student financial aid programs. These federal, state, and institutional programs are the manifestation of the value we place on who should and who does pay the costs of higher education. Grants versus loans and low-income access versus middle-income affordability and choice are two of the major conflicts within these systems. As we look back over this period of great change in student aid, how has the social contract been formed and how has it been amended to reflect American values on higher education? This article examines the historical influences upon public policy and the outcomes of those influences on student financial aid in the United States.