when did the government start giving student loans
Student loans in the United States United States Government-backed student loans were first offered in 1958 under the National Defense Education Act (NDEA)[27], and were only available to select categories of students, such as those studying toward engineering, science, or education degrees. The student loan program, along with other parts of the Act, which subsidized college professor training, was established in response to the Soviet Union's launch of the Sputnik[28] satellite, and a widespread perception that the United States was falling behind in science and technology, in the middle of the Cold War. Student loans were extended more broadly in the 1960s under the Higher Education Act of 1965, with the goal of encouraging greater social mobility and equality of opportunity.[7][29]
Finance Commission Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy
Loan In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.
National Insurance NI was first introduced by the National Insurance Act 1911 and expanded by the Labour government in 1948. The system was subjected to numerous amendments in succeeding years.