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First documented financial aid 1643
The first documented financial aid was a large donation given to Harvard College by a wealthy widow for the purpose of paying for the education of those who could not afford it. This was the start of financial aid for students seeking higher education. -
GI Bill
Any Department of Veterans Affairs education benefit earned by members of Active Duty, Selected Reserve and National Guard Armed Forces and their families. The benefit is designed to help servicemembers and eligible veterans cover the costs associated with getting an education or training. -
Higher Education Act (HEA) 1965
Educational Opportunity Grant Program (EOP) – intended to increase college opportunities for low-income students at certain participating colleges. Guaranteed Student Loan Program (GSL) – a program which provided opportunities for students with no credit history to borrow from private lenders for college expenses. The federal government guaranteed the loans so that lenders (banks) wouldn’t lose money if a borrower failed to repay their loans. Schlam, Lawrence. "Higher Education Act of 1" -
Why was HEA created?
In his January 1965 education message, President Johnson articulated the need for more higher education opportunities for lower and middle income families, program assistance for small and less developed colleges, additional and improved library resources at higher education institutions, and utilization of college and university resources to help deal with national problems like poverty and community development. The HEA was a response. -
Why is HEA import in Trio history?
The HEA created grants, loans and other programs to help students acquire education beyond secondary school. The Talent Search program, then called Contracts to Encourage the Full Utilization of Educational Talent, was created in the Higher Education Act of 1965. Today, all TRIO programs are authorized under the amended law. -
First Reauthorization of HEA 1968
The TRIO Programs are federally-funded programs dedicated to helping first generation, low-income students succeed in their precollege performance and ultimately in their higher education pursuits. Since 1968, the TRIO programs have been expanded to provide a wider range of services. Today, nine TRIO programs are included under the TRIO umbrella, seven of which provide direct services to students. -
President Nixon signs for 2nd authorization of the HEA
This amendment strove to increase grant-based assistance. The pillar in this reauthorization was the creation of the Basic Educational Opportunity Grant (Pell Grant). Basic Education Opportunity Grant Program (BEOG) was created for use at any eligible postsecondary school by students who met specific “financial need” criteria. Renamed Pell Grant Program in 1986. The government support grew for higher education. -
1976 Reauthorization
The eligibility rules for the Basic Educational Opportunity Grant (BEOG) became more relaxed, which set the stage for those who were considered eligible for need in the future. Cervantes, A., Creusere, M., McMilion, R., McQueen, C., Short, M., Steiner, M., & Webster, J. (2005). Opening the doors to higher education: Perspective on the Higher Education Act 40 years later. Retrieved from http://files.eric.ed.gov/fulltext/ED542500.pdf -
Reauthorization of HEA 1980
Student loan rates and borrowing icnreased and the Parent Loans for Undergraduate Students (PLUS) was created, allowing parents to borrow on behalf of their children. Also, the BEOG was renamed the Pell Grant. Cervantes, A., Creusere, M., McMilion, R., McQueen, C., Short, M., Steiner, M., & Webster, J. (2005). Opening the doors to higher education: Perspective on the Higher Education Act 40 years later. Retrieved from http://files.eric.ed.gov/fulltext/ED542500.pdf -
1986 Reauthorization
This reauthorization focused on loans. Student borrowing was limitied only to student need, and annual and aggregate loan limits were increased, leaning federal aid towards borrowing. -
1998 Reauthorization
There were no major changes to student loans. However, there was a decrease in the interest rates, making loans more appealing to students. The amendments also increased the maxinum Pell Grants, and had a greater bipartisan support in Congress. Cervantes, A., Creusere, M., McMilion, R., McQueen, C., Short, M., Steiner, M., & Webster, J. (2005). Opening the doors to higher education: Perspective on the Higher Education Act 40 years later. Retrieved from http://files.eric.ed.gov/fulltext/ED54250 -
HEA 2008
The act doesn’t focus on Title IV, since revisions were made to student aid in a 2007 act. It focuses on reporting procedures and disclosure obligations. Amendments include reporting college cost and tuition trends, stricter accreditation measures, and disclosing reports on campus safety. American Council on Education. (2008). ACE analysis of Higher Education Act reauthorization. -
Purpose of Title IV financial aid
Federal Student Aid Programs were established to: Develop skills needed by the country. Provide increased access to postsecondary education across multiple income groups. Provide an increased choice of postsecondary schools for low and middle income students. -
The process continues...
The act doesn’t focus on Title IV, since revisions were made to student aid in a 2007 act. It focuses on reporting procedures and disclosure obligations. Amendments include reporting college cost and tuition trends, stricter accreditation measures, and disclosing reports on campus safety. American Council on Education. (2008). ACE analysis of Higher Education Act reauthorization.
