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Financial Aid in Colonial America
First scholarship endowment at Harvard University by Lady Anne Radcliffe Mowlson. The scholarship paid for poor students who were pursuing an education. This led to the philanthropic donation for more scholarships. Fuller, M., (2014). "A History of Financial Aid to Students," Journal of Student Financial Aid, 44(1). 45-45. Retrieved from
http://publications.nasfaa.org/cgi/viewcontent.cgi?article=1078&context=jsfa -
Harvard Loan Program
This is the initial loan program established at Harvard by wealthy alumni and benefactors. By 1878, Harvard had the best scholarship program in the country. This program sparks other ivy league colleges to begin similar program. Fuller, M., (2014). "A History of Financial Aid to Students," Journal of Student Financial Aid, 44(1). 45-45. Retrieved from
http://publications.nasfaa.org/cgi/viewcontent.cgi?article=1078&context=jsfa -
Scholastic Aptitude Test (SAT)
Initially the test was designed in the admissions process at ivy league schools, but later became a uniform exam in helping identity the academic students and awarding them a scholarship. This exam is now the basic exam for college entry. A Brief History of the SAT. (n.d.) Retrieved from http://www.pbs.org/wgbh/pages/frontline/shows/sats/where/history.html -
G.I. Bill
Signed by President Roosevelt. Formerly know as the Servicemen's Readjustment Act of 1944, this began the federal governments involvement in higher education financing. Established to help veterans return to civilian life after WWII. Key provisions were education & training, loan guaranty for homes & unemployment pay. Katz, R. (2015, September 03). The history of the GI Bill. American Radio Works. Retrieved from http://www.americanradioworks.org/segments/the-history-of-the-gi-bill/ -
College Scholarship Service (CSS)
CSS provided needy students with funds to pursue higher education at private institutions. Applicants complete a profile form and staff at CSS would providing information to colleges looking for such candidates. It is considered a precursor to the present
Free Application for Federal Student Aid (FAFSA). Fuller, M., (2014). A History of Financial Aid to Students. Journal of Student Financial Aid, 44(1). Retrieved from http://publications.nasfaa.org/cgi/viewcontent.cgi?article=1078&context=jsfa -
National Defense Education Act (NDSL)
Established after the Soviet Union launched the first satellite called “Sputnik”. NDSL is the very first student aid program for non-veterans. Students had access to student loan monies to study in critical fields such as mathematics, science, and foreign languages. United States Senate. (n.d.). Sputnik Spurs Passage of the National Defense Education Act. Retrieved from http://www.senate.gov/artandhistory/history/minute/Sputnik_Spurs_Passage_of_National_Defense_Education_Act.htm -
President Johnson creates a task force
President Johnson appointed John W. Garnder to chair a task force to study the role of the federal government in student aid. One of their recommendation was the Department of Education be its own agency. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, M., & Webster, J. (2005). Opening the doors to higher education: Perspective ont he Higher Education Act 40 years later. Retrieved from http://files.eric.ed.gov/fulltext/ED542500.pdf -
Economic Opportunity Act (EOC)
Also called the "War of Poverty". President Lyndon B. Johnson was the cornerstone President and challenged Americans to build a Great Society. EOC created the College Work-Study Program as well as the Job Corps, Head Start, Adult Basic Education, Family Planning, Summer Youth Programs, Senior Centers, Community Health Centers, and Community Action Agencies. Lyndon Johnson's "Great Society" (n.d.). Retrieved from http://www.ushistory.org/us/56e.asp -
Task Force Report Recommendations
The task force recommendations included grants to needy students, expansion of work-study programs, use of loans guarantees, opposition to tax credits for tuition and other educational expenses, custom financial aid packages, and a scholarship program. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, M., & Webster, J. (2005). Opening the doors to higher education: Perspective ont he Higher Education Act 40 years later. Retrieved from http://files.eric.ed.gov/fulltext/ED542500.pdf -
Elementary and Secondary Education Act (ESEA)
President Lyndon B. Johnson signed the ESEA and is considered the most expansive federal education bill ever passed. It encouraged state government agencies to become more involved in higher education. The act channeled $1 billion toward K-12 school. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, M., & Webster, J. (2005). Opening the doors to higher education: Perspective ont he Higher Education Act 40 years later. Retrieved from http://files.eric.ed.gov/fulltext/ED542500.pdf -
President Johnson signs the Higher Education Act
Federal legislation that authorizes federal student assistance to include:
Title I: Strengthening Community Service Programs
Title II: Assistance for Libraries
Title III: Developing Institutions
Title IV: Student Assistance Act
Title V: Teacher Corps Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
Firs reauthorization of the Higher Education Act
TRIO was created to solidify and expand student aid programs and increase private student loan lending. TRIO included: Upward Bound, Talent Search, and Student Support Service. It was designed to assist eligible students toward post-secondary education. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
Basic Educational Opportunity Grant (BEOG)
President Richard M. Nixon signed BEOG into law. As part of the second reauthorization it increased grant based aid to needy students. Called now the Federal Pell Grant. Named after Senator Claiborne Pell who wanted to assist low income students. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
The Middle Income Student Assistance Act (MISAA)
MISAA was enacted 1978 by President Jimmy Carter. It gave middle families a tuition tax credit, an opportunity to receive subsidized loans while the government paid the interest as well increased eligibility in the Pell Grant program. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
U.S. Department of Education is created
Congress passes legislation to split off a new Department of Education from the existing Department of Health, Education, and Welfare. Congress appropriated to the Department of Education an annual budget of $14.2 billion and 17,000 employees. United States Department of Education. (2016, September 3). In Wikipedia, The Free Encyclopedia. Retrieved 06:04, September 16, 2016, from https://en.wikipedia.org/w/index.php?title=United_States_Department_of_Education&oldid=737605334 -
Higher Education Act Reauthorization of 1980
Congress raised student loan interest rates and created the Parent Loans for Undergraduate Students (PLUS) program, parents could borrow on behalf of their children. BEOG was named the Pell Grant in tribute to Senator Claiborne Pell. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
Higher Education Act Reauthorization of 1986
The reauthorization implemented provision to reduce and focus on loan subsidies, creation of loan consolidation program, increase loan limits, and authority to begin study on income-contingent repayment plans. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
The Taxpayer Relief Act of 1997
The Act included the Hope Scholarship, which provided a tax credit for 100 percent of the first $1,000 of tuition and fees and 50 percent of the second $1,000. It primarily benefited middle- and upper-income families, doing little for needy students. Cervantes, A., Creusere,M., McMilion, R., McQueen, C., Short, 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 -
Higher Education Act Reauthorization of 1998
HEA Reauthorization of 1998 reduced student loan interest rates, promote high-quality distance education, improve teacher preparation and recruitment and help disadvantaged children prepare for college. The White House. (in press). The Higher Education Amendments of 1998:
Five Victories for the Clinton-Gore Administration. Retrieved fro http://govinfo.library.unt.edu/npr/library/news/100798.html -
College Cost Reduction and Access Act (CCRAA)
Signed by President George W. Bush, CCRAA implemented the Income Based Repayment Plan. Designed to lower student payments based on income. Created the Loan Forgive for being in public service. Increase Pell Grant Amounts and reduce student loan interest rates. Institute of College Access & Success (n.d.). The College Cost Reduction and Access Act. Retrieved from http://ticas.org/initiative/page/college-cost-reduction-and-access-act -
Higher Education Act Reauthorization of 1998
School must provide a net price calculator on their website, had major changes in student loan discharges for disabled people, it establishment of Student Financial Aid Ombudsman’s Office, developing campus safety plans and simplify the FAFSA. Pinhel, R., (2008). Higher Education Opportunity Act of 2008. (Oral Research Report 2008-R-0470). Retrieved from https://www.cga.ct.gov/2008/rpt/2008-R-0470.htm -
Higher Education in 2016
Since the last reauthorization there has only been minimal changes to higher education.Regardless of those possibilities, though, there are significant areas of disagreement over the future of federal higher education policy that lawmakers will have to hammer out. Stratford, M., (2016). Higher Ed Overhaul Unlikely in 2016. Inside Higher Ed. Retrieved from https://www.insidehighered.com/news/2016/02/02/higher-education-act-overhaul-long-shot-election-year
