Colleges, universities, and the communities they serve have always been concerned about students' abilities to pay and the systems of aid to support students' learning. This article reviews the history of aiding student in higher education. Early student- and institutionally-led programs are discussed along with initial philanthropic and charitable efforts. The author argues that the nature of financial aid has shifted from a locally-drive philanthropic effort, to a complex federal system, and, finally, to a system focused on political discourse. After describing this shift, the author discusses implications for the stability of financial aid and higher education in America.