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The U.S. formally passes the Higher Education Act into law, making student loans widely available for the first time

Federal student loans were first offered in the U.S. in 1958 under the National Defense Education Act. However, they were only available to select categories of students, such as those studying engineering, science, or education. Low-income student loans only became more broadly available in the 1960s under the Higher Education Act of 1965, which also increased federal money given to universities, created scholarships, and established a National Teachers Corps.

The U.S. formally passes the Higher Education Act into law, making student loans widely available for the first time Read more